Income Tax : Understanding the need for a Direct Tax Code - Part II. Explore the conceptual framework of this crucial legislation....
Income Tax : Explore the need for a Direct Tax Code in India. Discover the reasons behind the call for a complete replacement of the Income Tax...
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 t...
Income Tax : Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the courts or amen...
Income Tax : The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure ...
Income Tax : Stakeholder engagement by the Task Force drafting the New Direct Tax Law extended by a period of three months up to June 15,...
Income Tax : Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It...
Income Tax : Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia...
CA, CS, CMA : I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been include...
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 ...
Income Tax : 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 T...
Income Tax : The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six mont...
Excise Duty : Circular No. 73/73/94-CX In the All India Conference of Collectors (Appeals) held recently at Bangalore on 6th and 7th October 19...
Investment in equity-linked mutual fund schemes and ULIPs will now be less profitable for investors, with the government proposing to levy a 5 per cent tax on the dividend paid by these entities.
Income to be taxed in India if it accrues directly or indirectly through or from transfer of a capital asset situated in India. However, the transfer by a non-resident of any share or interest in a foreign company would not be treated as income unless, 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.
The Finance Minister tabled the Direct Taxes Code Bill, 2010 (DTC 2010) in the Parliament on 30 August 2010 which is proposed to come into force on 1 April 2012. Some of the salient features are outlined below: General The Code proposes that every person shall be liable to pay income-tax in respect of the […]
The Direct Taxes Code (DTC) Bill has proposed to substitute all profit-linked incentives with investment-linked incentives for businesses that enjoy tax sops under the existing law. Apart from developers of Special Economic Zones (SEZs) and units operating out of them, the proposal will also affect companies in power, infrastructure, food processing, hotel and hospital sectors, among others.
The government has proposed to impose capital gains tax on overseas acquisitions if the acquired company holds over 50 per cent assets in India to plug the loophole that led to Vodafone disputing a tax claim on its USD 11.1 billion deal with Hutchison.
Insurance policyholders could be in for a bonanza once the new Direct Taxes Code, or DTC, comes into effect, as insurance firms may pass on the tax benefit proposed in the bill. The new income-tax law tabled in Parliament has exempted the policyholders’ fund, the investment corpus created from premium payments, from the 12.5% tax on income earned.
The government is confident the proposed Direct Taxes Code (DTC) will increase the income tax base, which currently stands at around 3.25 crore, as well as boost economic growth and equity. “We do hope that tax base will widen… Minimum exemptions will lead to higher tax-GDP ratio,” Revenue Secretary Sunil Mitra said here.
Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC. The Direct Taxes Code (DTC) bill, which was tabled in the Lok Sabha yesterday, seeks to do away with leave travel concession (LTC) from its list of exemption. “LTC was one of the popular elements given to employees by the government.
Special Economic Zones are likely to lose their sheen, with Direct Taxes Code Bill proposing to introduce minimum alternate tax at 20 per cent on the book profit of developers as well as units from April 1, 2012.
The Direct Taxes Code (DTC) Bill proposes to raise the exemption limit for imposing wealth tax to Rs 1 crore from Rs 15 lakh at present, a move that will help a lot of taxpayers avoid the levy. The Rs 1 crore limit proposed in the Direct Taxes Code Bill, however, is much less that the exemption of Rs 50 crore proposed in the original draft.
