Direct Tax Code

If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled. This has put to rest uncertainties on application of Thin Capitalisation rules Full Article

Finance minister Pranab Mukherjee is unlikely to go for any major changes in direct taxes when he presents the Budget in February. According to indications, he will restrict himself to minor tweaking in the policy on income and corporation tax, and Full Article

The Finance Ministry will make a presentation before a parliamentary panel on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012. "It''s a preliminary introductory meeting for the first time.. Full Article

The Direct Taxes Code Bill, 2010 has been referred to the Departmental Related Standing Committee on Finance of Parliament for detailed examination and Report. 2. Considering the importance of the subject, the Committee under the Chairmanship of Shr Full Article

A weighted deduction of 150 per cent of the total expenditure incurred during the year on CSR initiatives as certified by a social audit conducted by a Practicing Company Secretary may be provided to encourage the entrepreneurs to undertake CSR initi Full Article

Union Minister of State for Finance S S Palanimanickam today said the Direct Taxes Code would be implemented on April one, 2012. "It will be implemented on April 1, 2012. There is no change in that...", he told reporters. In August, the Government de Full Article

Current situation: In light of the tax holiday available to the Power and Oil and Gas sector, MAT is a key provision impacting the sector. Currently, MAT is applicable at the rate of 18 percent (effective 19.93 percent considering surcharge and cess) Full Article

The Real Estate sector has been a key driver to India’s economic growth trajectory. The tax incentives offered to companies operating in this sector have provided them an edge in today’s fiercely competitive market. As such, continuation of these tax Full Article

-Undoubtedly, the DTC has done more good to the real estate industry, for instance, relief by way of grandfathering clause and removal of MAT based on Gross assets, there are certain provisions where further clarity would be required. for e.g. DTC ha Full Article

It is interesting to note the path of the Direct Taxes Code from the 2009 Bill to the 2010 one. Undoubtedly, the Code in its revised form is more simplified and aligned towards expectations of the oil and gas industry, for instance, grandfathering of Full Article