dtc - Page 2

Corporate India wants no change in tax rates in 2012-13 Budget

Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that h...

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Posted Under: Income Tax |

Budget 2012- Income tax exemption Limit may be raised to Rs. 2 lakh

The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.The possibility of lowering the tax rates, however, is remote in view of the fiscal constraints b...

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Posted Under: Income Tax |

Direct Tax Code, 2010 (DTC) – Income from House Property

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 looks and be simple but it is complicated unless otherwise if we have studied the entire provisions of the act because, things are spread out here and there and which are disconnected with relevant provisions....

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Posted Under: Income Tax | ,

Provisions of DTC Bill, 2010 relating to Settlement Commission

1. Time-Limit - DTC has kept the time limit for passing final settlement orders under Section 245D(4) at 18 months, as in the IT Act, 1961, however has increased various internal time-limits as under:...

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Posted Under: Income Tax |

Direct Tax Code- Proposed Changes in Transfer pricing regulations

The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like...

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Posted Under: Income Tax | ,

DTC Bill no deemed taxation for Income from house Property and kept the deduction for interest

The Direct tax Code Bill 2011 (DTC), has given relief to the property owners on two major account, firstly, no deemed taxation for House Property and secondly, deduction for interest for self occupied house property.' While, the concept of deemed taxation of more than one house property has been done away with and their expectation of a ...

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Posted Under: Income Tax | ,

DTC to come into force from 1st April 2012

Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year...

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Posted Under: Income Tax |

Govt hopeful of panel report on DTC in winter session and DTC implementation from 1st April 2011

The government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today....

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Posted Under: Income Tax |

NCM to take up with parliamentary committee proposal to tax donations in Direct Tax Code Bill

The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it. A delegation led by NCM member Keki N Daruwala has sought a meeting ...

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Posted Under: Income Tax |

Union Finance Minister Shri Pranab Mukherjee’s Address at the National Development Council Meeting

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parli...

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Posted Under: Income Tax |

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