The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). “DTC will be rolled out in April 2012 but for GST I think the date seems ‘optimistic’ under the present circumstances,” Revenue Secretary Sunil Mitra said.

Standing Committee on Finance Chairman Yashwant Sinha today suggested raising the income tax exemption limit from Rs 1.6 lakh to Rs 2 lakh in the Budget apparently to provide relief to common man reeling under the impact of high inflation.

The Indian IT industry has sought extension of tax benefits under STPI and simplification of the tax structure to encourage investments in the sector, among others as part of its budget wish-list. The USD 76 billion software industry has requested th

The government may advance by a year the roll out of some of the income tax measures proposed in the Direct Taxes Code (DTC) to provide relief to inflation-hit households. These measures may form part of the forthcoming budget. “Some measures in the

Employees’ Provident Fund If you are a salaried individual, then this is probably the best investment product you have in your portfolio. Every month you park 12% of your basic plus dearness allowance in your account and your employer matches the in

The government plans to widen the scope of wealth tax in Budget 2011-12 to include several assets that escape the tax net as they are acquired through cash transactions.Armed with a survey on ostentatious display of wealth, the government is collecti

Don’t you hate it when you look at your salary slip and find that sundry deductions have pared it down. But believe us, you should actually feel happy about one of these deductions-the monthly contribution to the Employees’ Provident Fund (EPF). The

The Union Revenue Secretary, Mr Sunil Mitra, said here on Tuesday that domestic tax policy would gradually move towards treaty override and introduce measures against aggressive tax planning and tax avoidance. Addressing a FICCI function here, Mr Mit

The government’s official auditor, Comptroller and Auditor General (CAG), has mooted lower corporate taxes to stop many non-resident firms from misusing the Double Taxation Avoidance Agreements (DTAAs) on account of higher levies in India.

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..