dtc - Page 20

Taxability of Amount Receivable under Life Insurance Policies in DTC- Decoding the DTC – III

The case in point is the proposal under the Direct taxes Code (DTC) to levy tax on amount received under life insurance policy. It is vehemently argued that the Government is playing foul by changing the rule of the game in between. Having declared the said amount exempt so far, the policy cannot be changed overnight, making life difficul...

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Posted Under: Income Tax |

Decoding the Direct Taxes Code – II, A Panoramic View

Although the length of the Code is much compact with 285 sections, relationship between various sections, clauses, sub-clauses and Schedules makes one wondering from where to start. Should one start reading with Income from Employment or Capital Gain? Or should one start with the Schedule containing the definition clause? Having read it v...

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Posted Under: Income Tax |

Existing taxation provision of Long term capital gains may continue in DTC

The government is likely to maintain the distinction between short term and long-term capital gains to encourage long-term savings, as it deliberates the draft direct taxes code. The finance minister said in his Budget speech that the new direct taxes law could be rolled out from April 1, 2011. The government is veering around to the view...

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Posted Under: Income Tax |

Income tax slabs may be further raised in direct tax code: Finance Ministry

Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code comes into effect, likely from 2011-12. "A further widening (of tax slabs) is possible. But this will happen when revised (draft direct taxes code) paper comes," reven...

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Posted Under: Income Tax |

Insurance receipts and other savings plans post Direct Tax Code (EEE model to EET) and FAQ

It is a fact that tax incentives offered under the Income Tax Act, 1961 (the IT Act) have been instrumental in encouraging individuals to invest and save for their long-term retirement needs. One of the key incentives in this respect has been that many of the savings instruments have been under the Exempt Exempt Exempt (EEE) model....

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Posted Under: Income Tax |

Life insurers demanded EEE method instead of EET in DTC, allow to carry forward loss for 12 years and service tax exemption

Life insurance companies want the current system of tax exemption for insurance maturity proceeds to be continued. The proposed Direct Taxes Code has suggested deduction of tax on the final payout, while exempting the policy premium at the time of contribution and the interest on it....

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Posted Under: Income Tax |

DTC not expected to be presented in upcoming budget

The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct Taxes Code 2009 will not be presented to Parliament as a Bill along with the Union Budget f...

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Posted Under: Income Tax |

SEZ may continue enjoying tax benefit in upcoming budget and in proposed DTC

The government is likely to clarify in the budget that special economic zone or SEZs would continue to enjoy tax benefits in their current form even after the proposed direct taxes code is implemented, providing clarity over taxation of these special enclaves....

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Posted Under: Income Tax |

GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC

The Gems and Jewellery Federation (GJF), the national body of the jewellery trade in the country, has made a representation to the Ministry of Finance to seek modifications in the proposals in the Direct Taxes Code (DTC). The apex body is objecting to the search and seizure provisions, tax on gross assets and TDS on all payments....

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Posted Under: Income Tax |

Change in DTC likely, to remove inconsistency with IFRS

The migration of the accounting standards for corporate India to the International Financial Reporting Standards (IFRS) platform has created a challenge for the revenue department at the Centre. The Direct Taxes Code written by the finance ministry and expected to become law in 2010-11 is in several instances incongruent with the new glob...

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Posted Under: Income Tax |

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