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...
Income shall be deemed to accrue in India if it accrues, directly or indirectly through or from transfer of a capital asset situated in India. However, the income from the transfer by a non?resident of any share or interest in a foreign company would not be considered as income, wherein 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.
When the first draft of the Direct Taxes Code (DTC) was released in August 2009, the provision dealing with Minimum Alternate Tax (MAT) was one of the most discussed and deliberated provision. It proposed to levy tax on the gross value of assets. There were certain drawbacks and limitations which were pointed out to the government, as a result of which, the government decided to reinstate the earlier regime of levying MAT on book profits. However, after reading the proposed MAT provision in conjunction with the entire code, one is left wondering whether it will turn out to be a boon or a bane to taxpayers in India.
Certain specified expenditure such as non-compete fee, business reorganization expenses, etc. shall be allowed on a deferred basis over a period of 6 years. However, expenditure incurred by a resident on any operations relating to prospecting for any
The deadline of March, 2014, under the proposed Direct Taxes Code (DTC) for making new special economic zone units operational if they are to get tax benefits is likely to speed up development of these SEZs by entrepreneurs, a report said.
Government today said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50,000 crore and make the exchequer little bit richer despite moderation in tax rates. “Government would bring Rs 55,000 crore wort
Under the Income Tax Law (ITL), tax incentives linked to the profits of the relevant business (profit-linked incentives) are available for a specified number of years. Direct Taxes Code (DTC) 2010 proposes to withdraw or substitute these profit-linke
Direct Tax Code (DTC) 2010 consolidates the withholding tax provisions as well as the procedural law dealing with reporting of income (including branch profits), net wealth and dividends distributed. To ensure compliance with the reporting requirements under DTC 2010, certain amendments have been proposed to the penal provisions, as also provisions relating to prosecution. This article summarizes the key amendments to the procedural law, including amendments to the assessment procedures, tax withholding provisions, penalty and prosecution.
The draft Direct Taxes Code along with a Discussion Paper was released on 12 August 2009 for public comments to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by the Government. A Revised Discussion Paper was issued to respond to the major concerns and comments of stakeholders were released on 15 June 2010.
The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs). The rules on CFCs, proposed under the Direct Taxes Code, are aimed at ensuring that all companies and individuals pay tax on income arising from investments overseas.
Petroleum ministry has asked the finance ministry to rework the Direct Taxes Code Bill 2010 so that oil and gas producers can continue to enjoy the existing tax breaks which are being grandfathered to their full extent.In a letter to revenue secretar
