Income Tax : As per news report, out of 190 recommendations made by Committee, the Finance Minister accepted 153 either wholly or with partial ...
Income Tax : Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax C...
Income Tax : The initiation of enactment of the DTC Bill was, if one remembers right,lately announced to be slated to be made on 22nd August (?...
Income Tax : 10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees...
Income Tax : As we are expecting the DTC be implemented from 1st April 2012, we have to be familiar with the DTC provisions. In general the DTC...
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 : The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Bud...
Income Tax : On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advan...
Income Tax : The Union Finance Minister ShriPranab Mukherjee today expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the e...
Income Tax : The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near...
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.
Tax Audit under the Income Tax Act is currently allowed to be conducted only by the Chartered Accountant but Proposed Direct Tax Code 2013 allows Tax Audit not only by Chartered Accountant but also by Company Secretaries and Cost Accountants.
The initiation of enactment of the DTC Bill was, if one remembers right,lately announced to be slated to be made on 22nd August (?). For what one knows, there has been no news on any related development so far.
The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Budget in the Lok Sabha today, he said that the DTC is not intended to be an amended version of the Income-Tax Act, 1961 but a new code based on the international practices that […]
10. Threshold limit for TDS: The present section 194J provides an exemption limit or threshold limit for TDS for professional fees and royalty/non-compete fees, but this limit seems to be absent under clause 200(A) (o), which could be very cumbersome for small amounts of these specific services.
On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advance Pricing Agreement (APA), have already been proposed in the Budget 2012.
The Union Finance Minister ShriPranab Mukherjee today expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee. The Bill was introduced in Parliament in August 2010, and was to come into force from April 1 this year. However, the timeline could not be adhered to as the report of the Parliamentary Standing Committee on the matter was received only on March 9 this year.
The committee, according to sources, wants the government to raise the income tax exemption limit to Rs 3 lakh in view of the near double-digit inflation which has eroded purchasing power of rupee. The Bill has a provision to raise the limit to Rs 2 lakh. Currently, income of Rs 1.80-5 lakh attracts 10 per cent income tax, Rs 5-8 lakh 20 per cent and above Rs 8 lakh 30 per cent.
Terming as landmark the process adopted for finalising the Direct Taxes Code (DTC), Plan Panel Deputy Chairman Montek Singh Ahluwalia said he is not in favour of referring legislative Bills to ‘expert groups’.
