Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 CBDT issues guidelines for selection of cases for scrutiny, focus on tax evasion info by law enforcement agencies, note experts
 CBDT issues Guidelines and Procedure for Compulsory Selection of Income Tax Returns for Complete Scrutiny for FY 2024-2025
 Net direct tax collections exceed 2023-24 target
 Govt kicks off direct tax code revision
 ITR 2024 25 Check tax department s update on TDS and refunds
 Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains
 Income tax exemption: 4 financial instruments you can still invest into before March 31
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
 Average tax return processing time cut to 10 days: CBDT

Finance Ministry working on Direct Taxes Code Bill, may bring it in Winter session
November, 21st 2013

Finance Ministry today said it finalising the official amendments to Direct Taxes Code (DTC) Bill so that it could be taken up in the Winter Session of Parliament beginning December 5.

"We are working on the DTC Bill and want to bring it as soon as possible," Revenue Secretary Sumit Bose told reporters on the sidelines of a CII summit here.

The Finance Ministry is currently working on the official amendments to the DTC Bill which was tabled in Parliament earlier.

Meanwhile, a senior Finance Ministry official said that the amendments to the Bill would be placed before the Cabinet shortly for approval.

"The Finance Ministry wants to bring it in the Winter session of Parliament," the official added.

Among other things, the DTC Bill proposes a higher income tax rate of 35 per cent.

While the Bill proposes to keep exemption limit at Rs. 2 lakh for individual tax unchanged, it proposes to introduce a fourth slab of 35 per cent tax rate for those with an annual income of over Rs. 10 crore.

It also proposes to levy a 10 per cent tax on dividend income of more than Rs. 1 crore.

Besides, Minimum Alternate Tax (MAT) may be levied on book profit and not on gross assets, sources said.

Further, the Securities Transaction Tax (STT) is likely to be retained, though the Standing Committee on Finance, which had scrutinised the bill, had suggested abolition of the levy.

At present, tax is levied on income between Rs. 2-5 lakh at 10 per cent, Rs. 5-10 lakh at 20 per cent, and above Rs. 10 lakh at 30 per cent. Further, those earning more than Rs. 1 crore have to pay a surcharge of 10 per cent.

The Finance Ministry, according to sources, had accepted most of the recommendations of the Standing Committee.

On whether there is a scope for lowering the rate of corporate tax, the official said it is not possible in India.

The DTC bill, which aims to rationalise tax rates to bring more people and companies under the tax net and overhaul the I-T Act of 1961, was introduced in Parliament in 2010.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting