dtc

The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like to examine the value of services imported (or exported) to associated enterprises. In Income Tax, it is transfer price mechanism which.. Full Article

The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.' While, the concept of deemed taxation of more than one house property has been done away with and their expectation of a simple mechanism of taxation of rental income has also been considered to a great extent. Full Article

Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year, he said while addressing an international conference on Tax and Equality'. Full Article

The government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. Full Article

The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it. A delegation led by NCM member Keki N Daruwala has sought a meeting with Yashwant Sinha, who heads the Parliamentary Standing Committee on Finance, this week as it feels that the provision will adversely.. Full Article

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parliament, and thereafter we would seek to get the legislation passed during the Budget session. By amalgamating several taxes levied by th.. Full Article

Finance Minister Pranab Mukherjee today hoped that the Direct Taxes Code (DTC), which seeks to replace the Income Tax Act of 1961, would come into force from April 1, 2012. Full Article

An NGO has urged Finance Minister Pranab Mukherjee to continue tax exemption for them in the proposed Direct Taxes Code in order to encourage non-profit organisations to undertake welfare activities. "Taxes will put a constraint resource generation of charitable bodies and reduce their ability to undertake welfare activities," Tax Payers Protection & Welfare Society, said in a release. Full Article