dtc

  • Oct
  • 21

Direct Taxes Code Bill 2010 – Impact on IT / ITES Sector

It is interesting to note the path of the Direct Tax Code from the 2009 Bill to the 2010 one. The promises of a lower corporate tax rate have not crystallised. However, relief has been given to SEZ developers & SEZ units by way of grandfathering clau

Read the Full Article

  • Oct
  • 12

Why DTC is negative for Life Insurance Companies and Policyholders

Presently, deductions under Section 80C are available, up to ‘1 lakh, for various investment instruments including premium paid for life insurance, provident fund, etc. Under the DTC, only sums paid to towards a contract for an annuity plan of any in

Read the Full Article

  • Oct
  • 06

DTC and GST likely be taught to commerce students in universities

The proposed Direct Taxes Code (DTC) and the goods and services tax (GST) will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India (ICAI). The ICAI is in talks with several univer

Read the Full Article

  • Oct
  • 05

NRIs want residency clause in DTC to be amended

NRIs want change in DTC clause on stay in India which proposes to tax a person living in India for more than 59 days. Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bil

Read the Full Article

  • Oct
  • 04

IFRS Implementation not likely to meet deadline

After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the n

Read the Full Article

  • Oct
  • 04

Nelp-IX tax incentives to be linked to investment

The government’s plan to offer tax incentives based on investments made by companies is expected to attract big overseas investments in the next round of bidding for oil and gas blocks. The investment-linked tax concessions proposed in the Direct Tax

Read the Full Article

  • Oct
  • 02

Direct Tax Code-2010 Proposed Changes in respect of international taxation

Income shall be deemed to accrue in India if it accrues, directly or indirectly through or from transfer of a capital asset situated in India. However, the income from the transfer by a non?resident of any share or interest in a foreign company would not be considered as income, wherein at any time in twelve months preceding the transfer, the fair market value of the assets in India, owned, directly or indirectly, by the company, represent at least fifty per cent of the fair market value of all assets owned by the company.

Read the Full Article

  • Oct
  • 01

MAT is no more minimum alternate tax

When the first draft of the Direct Taxes Code (DTC) was released in August 2009, the provision dealing with Minimum Alternate Tax (MAT) was one of the most discussed and deliberated provision. It proposed to levy tax on the gross value of assets. There were certain drawbacks and limitations which were pointed out to the government, as a result of which, the government decided to reinstate the earlier regime of levying MAT on book profits. However, after reading the proposed MAT provision in conjunction with the entire code, one is left wondering whether it will turn out to be a boon or a bane to taxpayers in India.

Read the Full Article

  • Sep
  • 27

Direct Taxes Code Bill, 2010 – Summary of Key changes proposed

Certain specified expenditure such as non-compete fee, business reorganization expenses, etc. shall be allowed on a deferred basis over a period of 6 years. However, expenditure incurred by a resident on any operations relating to prospecting for any

Read the Full Article

  • Sep
  • 26

SEZs to be operational before March 2014 to get tax benefits under the proposed Direct Taxes Code

The deadline of March, 2014, under the proposed Direct Taxes Code (DTC) for making new special economic zone units operational if they are to get tax benefits is likely to speed up development of these SEZs by entrepreneurs, a report said.

Read the Full Article