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...
The government on Monday said that the revised draft of the Direct Taxes Code (DTC), which is aimed at simplifying the tax structure, would be made available for public comments in the first week of June.
Direct Taxes Code Bill, 2009, could soon set the tone for all our future wealth-creation decisions. If enacted, the bill will not only change the amount of tax you pay, but also transform how you invest, borrow and spend your money. While most tax breaks may be taken away, the process of filing taxes will be simpler.
People with more than Rs 10 lakh annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the Finance Ministry is for tweaking slabs across the board to offset concessions elsewhere.
The revised draft of the Direct Tax Code (DTC), that will replace the Income Tax Act, will be available for comments soon before it is finalised and placed before Parliament for its approval, possibly in the winter session.
The income-tax authorities may soon get sweeping powers to investigate and prosecute those suspected of hawala transactions, creating a strong deterrent for the channel used extensively for money laundering. The proposed changes are likely to be included in the direct taxes code and could shift the burden of proof on the accused, said an income tax department official.
The Government is likely to place in the public domain by next month a revised discussion paper on the proposed Direct Taxes Code (DTC). After a quick round of consultations with some of the major stakeholders, the draft legislation (Bill) on DTC will be introduced in Parliament in the Monsoon Session, the Finance Minister, Mr Pranab Mukherjee, told the Lok Sabha here on Wednesday.
All eyes are now on S S N Moorthy. A quintessential tax sleuth, he is following the money trail in the Indian Premier League to establish the identity of franchisee owners. Moorthy stepped in to steer the Central Board of Direct Taxes (CBDT) in January last year, when the country was battling the worst-ever economic crisis after the global meltdown. The task of tax collection was daunting. With the economy showing distinct signs of recovery, the top tax administrator is confident of collecting every penny due from taxpayers this fiscal year.
A senior official in the finance ministry said the Central Board of Direct Taxes addressed the nine areas of concern in the Code identified by Finance Minister Pranab Mukherjee. Besides, many other parts would be changed to take care of the concerns of various stakeholders.
For the tax-payer, “T” in the EET will never look like preferable to EEE. However, looking to the fact of EET as certainty, one will have to learn to live under it. The only alternative for the tax payer is to organize the affairs in such a way that there is no additional burden due to tax-outflow.
The ITA has always treated income from CG under special category. Not only liberal deductions / exemptions were provided, even the rate of tax was low as compared to the rate of tax on income from salary, business etc. Since long, CG has always been classified into two broad categories viz. Long Term (LT) and Short Term (ST)
