Direct Tax Code

Important issues/ provisions in Proposed New Direct Tax Law

Income Tax - Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providin...

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Five Key Aspect to Direct Tax Code (DTC)

Income Tax - DTC will be aimed revise and simplify the structure of direct tax laws in India into a single legislation. The DTC, when implemented will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957, Dividend Distribution Tax, Fringe Benefit Tax etc....

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Key Highlights of Proposed Direct Tax Code 2013

Income Tax - As per news report, out of 190 recommendations made by Committee, the Finance Minister accepted 153 either wholly or with partial modification. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act....

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Proposed DTC allows tax Audit by CS and Cost Accountants also

Income Tax - Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant but also by Company Secretaries and Cost Accountants. ...

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Significant changes in proposed Direct Taxes Code, 2013

Income Tax - The Income-tax Act was passed in 1961 and has been amended every year through the Finance Act. The Wealth-tax Act was passed in 1957 and has also been amended many times. Numerous amendments have rendered the two Acts incomprehensible to the average taxpayers. Besides, there have been several policy changes due to change in economic [&hel...

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Time to submit suggestions on new Direct Tax Law extended by 3 months to June 15, 2018

Income Tax - Stakeholder engagement by the Task Force drafting the ​N​ew Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]...

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ICAI expresses concern on proposed definition of “Accountant” in DTC

Income Tax - Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have th...

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CMA body Request for Suggestions on Direct Tax Code Bill, 2013

Income Tax - Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia.gov.in, inviting public comments. A write-up on the significant changes in the proposed DTC, 2013 is also placed on the website. The report of the Standing Committee on Finance is available at the http://loksa...

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DTC, 2013 Includes Cost Accountant in definition of Accountant – CMA President

Income Tax - I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been included in the definition of Accountant in the Direct Tax Code , 2013 which intend to consolidate the law relating to Income Tax and wealth Tax hosted for public comments....

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Govt. invites comment on Proposed Direct Taxes Code 2013 + Download DTC 2013

Income Tax - Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been able to introduce GST. I leave it to you to answer the question, who blocked the GST when an agreement on the game-changing tax reform was around the corner? ...

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Extended time to Task Force for drafting New Direct Tax Legislation

F No 370149/230/2017 - (22/05/2018) - The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22ndAugust, 2018....

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Communication of Board”s instructions and notifications

Circular No. 73/73/94-CX - (07/11/1994) - Circular No. 73/73/94-CX In the All India Conference of Collectors (Appeals) held recently at Bangalore on 6th and 7th October 1994, the Collectors (Appeals) complained that the copies of Board"s instructions, notifications, circulars etc. are not being endorsed to them...

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Recent Posts in "Direct Tax Code"

Important issues/ provisions in Proposed New Direct Tax Law

Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providin...

Read More
Posted Under: Income Tax |

Five Key Aspect to Direct Tax Code (DTC)

DTC will be aimed revise and simplify the structure of direct tax laws in India into a single legislation. The DTC, when implemented will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957, Dividend Distribution Tax, Fringe Benefit Tax etc....

Read More
Posted Under: Income Tax |

Time to submit suggestions on new Direct Tax Law extended by 3 months to June 15, 2018

Stakeholder engagement by the Task Force drafting the ​N​ew Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]...

Read More
Posted Under: Income Tax |

Extended time to Task Force for drafting New Direct Tax Legislation

F No 370149/230/2017 (22/05/2018)

The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22ndAugust, 2018....

Read More

ICAI expresses concern on proposed definition of “Accountant” in DTC

Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have th...

Read More
Posted Under: Income Tax | ,

Key Highlights of Proposed Direct Tax Code 2013

As per news report, out of 190 recommendations made by Committee, the Finance Minister accepted 153 either wholly or with partial modification. The new tax code is meant to create an efficient direct tax system by replacing the archaic Income Tax Act....

Read More
Posted Under: Income Tax |

Proposed DTC allows tax Audit by CS and Cost Accountants also

Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant but also by Company Secretaries and Cost Accountants. ...

Read More
Posted Under: Income Tax | ,

CMA body Request for Suggestions on Direct Tax Code Bill, 2013

Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia.gov.in, inviting public comments. A write-up on the significant changes in the proposed DTC, 2013 is also placed on the website. The report of the Standing Committee on Finance is available at the http://loksa...

Read More
Posted Under: Income Tax |

DTC, 2013 Includes Cost Accountant in definition of Accountant – CMA President

I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been included in the definition of Accountant in the Direct Tax Code , 2013 which intend to consolidate the law relating to Income Tax and wealth Tax hosted for public comments....

Read More
Posted Under: Income Tax |

Significant changes in proposed Direct Taxes Code, 2013

The Income-tax Act was passed in 1961 and has been amended every year through the Finance Act. The Wealth-tax Act was passed in 1957 and has also been amended many times. Numerous amendments have rendered the two Acts incomprehensible to the average taxpayers. Besides, there have been several policy changes due to change in economic [&hel...

Read More
Posted Under: Income Tax | ,

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