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...
The DTC 2010 seeks to provide that the Central Government may enter into an agreement with the Government of any country or specified territory for the granting of relief or avoidance of double taxation (‘DTAA’), for exchange of information
It is interesting to note the path of the Direct Tax Code from the 2009 Bill to the 2010 one. The promises of a lower corporate tax rate have not crystallised. However, relief has been given to SEZ developers & SEZ units by way of grandfathering clau
Presently, deductions under Section 80C are available, up to ‘1 lakh, for various investment instruments including premium paid for life insurance, provident fund, etc. Under the DTC, only sums paid to towards a contract for an annuity plan of any in
The proposed Direct Taxes Code (DTC) and the goods and services tax (GST) will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India (ICAI). The ICAI is in talks with several univer
NRIs want change in DTC clause on stay in India which proposes to tax a person living in India for more than 59 days. Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bil
After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the n
The government’s plan to offer tax incentives based on investments made by companies is expected to attract big overseas investments in the next round of bidding for oil and gas blocks. The investment-linked tax concessions proposed in the Direct Tax
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
