dtc

Major national cooperatives today demanded that they should be kept out of the proposed direct tax code and continued to be given income tax exemption. They sought early approval to the Constitutional Amendment Bill on cooperative that was tabled in Parliament two years back. "Cooperatives should be kept out of the direct tax code that is to be operationalised in 2012 and the income tax exemption that is being provided under section 80 B should be continued," National Co.. Full Article

In my proposals for the Direct Taxes, for the year 2011-12, I had proposed to provide lower tax rate of 15 per cent on dividends received by Indian companies from foreign subsidiary companies in which the Indian company holds more than 50 per cent share capital. Several representations have been made requesting further relaxation in the ownership pattern of the foreign subsidiaries. I, therefore, propose to lower the holding requirement in the foreign company from 50 p.. Full Article

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. Full Article

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. Full Article

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 Full Article

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 Full Article

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 Full Article

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 Full Article