Direct Tax Code

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....

Read More

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. ...

Read More

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...

Read More

DTC Bill – Why Nothing Occurred on 22, AUG 2013?

Income Tax - The initiation of enactment of the DTC Bill was, if one remembers right,lately announced to be slated to be made on 22nd August (?). For what one knows, there has been no news on any related development so far....

Read More

Direct Tax Code-Some Important Aspects

Income Tax - 10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees and royalty/non-compete fees, but this limit seems to be absent under clause 200(A) (o), which could be very cumbersome for small amounts of these specific services....

Read More

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...

Read More

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...

Read More

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....

Read More

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? ...

Read More

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

Income Tax - The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh....

Read More
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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"

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: Excise Duty | ,

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: Excise Duty |

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

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: Excise Duty |

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: Excise Duty |

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

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

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? ...

Read More
Posted Under: Excise Duty |

DTC Bill – Why Nothing Occurred on 22, AUG 2013?

The initiation of enactment of the DTC Bill was, if one remembers right,lately announced to be slated to be made on 22nd August (?). For what one knows, there has been no news on any related development so far....

Read More
Posted Under: Excise Duty |

Govt to raise income tax exemption limit to Rs 3 lakh in revised DTC

The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh....

Read More
Posted Under: Excise Duty |

Direct Tax Code-Some Important Aspects

10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees and royalty/non-compete fees, but this limit seems to be absent under clause 200(A) (o), which could be very cumbersome for small amounts of these specific services....

Read More
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