Direct Tax Code

Why we need a Direct Tax Code – Part – II 

Income Tax - This part II is a conceptual framework and can very well be read in isolation from Part I. But reading of Part I will set the tone and context and will give a better perspective of the situation. What is law A set of rules which govern behaviour of people usually approved by a body […]...

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Why we need Direct Tax Code – Part I

Income Tax - Earlier, the author believed that we do not need a direct tax code and appropriate amendments to the Income Tax Act, 1961 will do the needful. But after looking at changes made especially from the Taxation Laws (Amendment) Act, 2019 to the CBDT instruction dated 11-May-2022 on implementation of Supreme Court decision in the case […...

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Residency Provisions under Income Tax Act, highlighting contrasts with FEMA, Companies Act & Direct Tax Code

Income Tax - Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by the state such as good governance, welfare schemes, defense and others which are required for a state for maintenance and expansion. This principle although looks simple and efficient, requires the state to answ...

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Decoding the Direct Tax Code

Income Tax - Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the  courts or amendments by parliament has made the Act lengthy and hard to interpret as there was a need to ease up the provisions and make it shorter. It is expected that the government may […]...

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Salient Features of Direct tax Code

Income Tax - The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure into a simplified version of law. Under which you will meet with the substantial changes along with in depth interpretation on moot question of current prevailing IT act 1961 which gives rise to faulty [&hellip...

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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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Task Force to draft New Direct Tax law to submit report by 31.07.2019

F No 370149/230/2017- Part (3) - (27/05/2019) - Task Force for drafting a New Direct Tax Legislation- The term of the Task Force is extended by a period of two months i.e.. the Task Force may be allowed to submit its report by July 31, 2019....

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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"

Why we need a Direct Tax Code – Part – II 

This part II is a conceptual framework and can very well be read in isolation from Part I. But reading of Part I will set the tone and context and will give a better perspective of the situation. What is law A set of rules which govern behaviour of people usually approved by a body […]...

Read More
Posted Under: Excise Duty |

Why we need Direct Tax Code – Part I

Earlier, the author believed that we do not need a direct tax code and appropriate amendments to the Income Tax Act, 1961 will do the needful. But after looking at changes made especially from the Taxation Laws (Amendment) Act, 2019 to the CBDT instruction dated 11-May-2022 on implementation of Supreme Court decision in the case […...

Read More
Posted Under: Excise Duty |

Residency Provisions under Income Tax Act, highlighting contrasts with FEMA, Companies Act & Direct Tax Code

Taxation of individuals by a state works on a deeply embedded principle of giving back to the state for the services provided by the state such as good governance, welfare schemes, defense and others which are required for a state for maintenance and expansion. This principle although looks simple and efficient, requires the state to answ...

Read More
Posted Under: Excise Duty |

Decoding the Direct Tax Code

Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the  courts or amendments by parliament has made the Act lengthy and hard to interpret as there was a need to ease up the provisions and make it shorter. It is expected that the government may […]...

Read More
Posted Under: Excise Duty |

Salient Features of Direct tax Code

The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure into a simplified version of law. Under which you will meet with the substantial changes along with in depth interpretation on moot question of current prevailing IT act 1961 which gives rise to faulty [&hellip...

Read More
Posted Under: Excise Duty |

Upcoming New Direct Tax Code

New Direct Tax Code (DTC) ‘Assessing Unit’, not ‘Assessing Officer’ To check harassment by taxmen, individual ‘assessment officers’ are likely to be replaced with ‘assessment units’ to deal with individual taxpayers. Corporate taxpayers will also have assessment units including multiple officers...

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Posted Under: Excise Duty |

Direct Tax Code 2.0 v/s Indian Economy: Rewriting the Income Tax Code

It has been over 58 years since the Income-tax Act 1961 was drafted, needs an overhaul, but at the same time it should be in sync with the economic circumstances of the country. The income tax act, 1961 is just like a building (Income Tax Act,1961) which was constructed on a piece of land (Democracy) […]...

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Posted Under: Excise Duty |

Task Force to draft New Direct Tax law to submit report by 31.07.2019

F No 370149/230/2017- Part (3) 27/05/2019

Task Force for drafting a New Direct Tax Legislation- The term of the Task Force is extended by a period of two months i.e.. the Task Force may be allowed to submit its report by July 31, 2019....

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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...

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Posted Under: Excise Duty |

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....

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Posted Under: Excise Duty |

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