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...
Don’t you hate it when you look at your salary slip and find that sundry deductions have pared it down. But believe us, you should actually feel happy about one of these deductions-the monthly contribution to the Employees’ Provident Fund (EPF). The
The Union Revenue Secretary, Mr Sunil Mitra, said here on Tuesday that domestic tax policy would gradually move towards treaty override and introduce measures against aggressive tax planning and tax avoidance. Addressing a FICCI function here, Mr Mitra sought greater responsibility from corporate sector including foreign companies on the issues of illicit fund outflow on account of mis-pricing and misuse of offshore financial centres (OFC).
The government’s official auditor, Comptroller and Auditor General (CAG), has mooted lower corporate taxes to stop many non-resident firms from misusing the Double Taxation Avoidance Agreements (DTAAs) on account of higher levies in India.
The Finance Ministry will make a presentation before a parliamentary panel on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012. “It”s a preliminary introductory meeting for the first time..
The Direct Taxes Code Bill, 2010 has been referred to the Departmental Related Standing Committee on Finance of Parliament for detailed examination and Report. 2. Considering the importance of the subject, the Committee under the Chairmanship of Shr
Union Minister of State for Finance S S Palanimanickam today said the Direct Taxes Code would be implemented on April one, 2012. “It will be implemented on April 1, 2012. There is no change in that…”, he told reporters. In August, the Government de
Current situation: In light of the tax holiday available to the Power and Oil and Gas sector, MAT is a key provision impacting the sector. Currently, MAT is applicable at the rate of 18 percent (effective 19.93 percent considering surcharge and cess)
The Real Estate sector has been a key driver to India’s economic growth trajectory. The tax incentives offered to companies operating in this sector have provided them an edge in today’s fiercely competitive market. As such, continuation of these tax
-Undoubtedly, the DTC has done more good to the real estate industry, for instance, relief by way of grandfathering clause and removal of MAT based on Gross assets, there are certain provisions where further clarity would be required. for e.g. DTC ha
It is interesting to note the path of the Direct Taxes Code from the 2009 Bill to the 2010 one. Undoubtedly, the Code in its revised form is more simplified and aligned towards expectations of the oil and gas industry, for instance, grandfathering of
