Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the timeline, objectives, and major changes in the Direct Tax Code 2025 compared to the Income Tax Act 1961....
Income Tax : India explores simplifying direct tax laws via a new code or amendments. Challenges include black money, inflation, manpower gaps,...
Income Tax : Insights on the proposed Direct Tax Code 2025, focusing on exempt income, depreciation alignment, PAN issuance, and accounting bas...
Income Tax : Proposals for simplifying the Income Tax Act: restoring deductions, lowering TCS, improving assessments, and introducing uniform t...
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 : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
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...
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 […]
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 along with industry specialists. All communication between taxpayers and taxmen will be digital. Uniform […]
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) […]
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.
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 providing clarity; and 3) Suggestions for Ease of […]
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.
Stakeholder engagement by the Task Force drafting the New 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 […]
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.
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 the emphasis on audit of the relevant accounts which is the exclusive domain of Chartered Accountants.
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.
