Income Tax : Explains how the new tax code replaces the 1961 Act with simpler rules and fewer exemptions. The key takeaway is a clearer, taxpay...
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 : 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...
New Direct Tax code 2009 has proposed to tax many benefit, receipts, allowances and perquisites which are either tax free or exemption is available in respect of that. We are discussing here some of these provisions.
Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per cent tax on […]
Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon completion of the original period of contract or upon the death of the insured.
It’s Traditionally been viewed as a retirement saving tool and one that allows you to avail of tax deductions. In fact, you will find that most conversations about provident funds only take place during the income-tax filing season, or when salaried individuals are retiring or leaving one organisation for another. In fact, fairly little is […]
It is indeed heartening to note that the tax rates applicable to non-resident corporates are sought to be brought at par with the domestic companies, to be taxed at the rate of 25 per cent. However, correspondingly, the concept of the branch profit tax is proposed to be introduced (which appears to be somewhat akin […]
In India, the law is settled that tax avoidance is legal and evasion is not. A taxpayer may create a device to arrange his commercial affairs to minimise his tax liability and its acceptance is based on operation of law. While revenue authorities are entitled to decipher the true meaning of a transaction, they cannot […]
Self reporting of Tax Bases & Acknowledgment [Section 148 & 154] 1. Similar to the concept of filing return of income, taxpayers have been required to file ‘Return of Tax Bases’ (‘RTB’) 2. The RTBs have to be filed on or before: • 30th June – If the person is not a company and does […]
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening tax incentives to developers […]
The new draft Direct Taxes Code proposes to tax capital gains as regular income at normal tax rates, thereby removing the benefits of lower rates for long-term capital gains on sale of shares.
As per the changes proposed by the new code, a non-profit organisation will have to pay tax at a rate of 30% as per its net worth when it converts itself into an entity that does not qualify as a non-profit organisation. In fact, tax would be levied even if it fails to transfer upon […]
