dtc - Page 5

DTC 2010- Key proposals and their impact on Shipping Sector

Current Situation: Under the existing provisions of the Act, an amount equal to 7.5 percent of the prescribed freight income is deemed to be the profits and gains of a foreign shipping company engaged in shipping business. The effective rate of taxat...

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Posted Under: Income Tax |

DTC 2010 -Key proposals and their impact on Power sector

Undoubtedly, the DTC has done more good to the power 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 has no sp...

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Posted Under: Income Tax |

DTC Bill 2010 – Impact On Telecom Sector

Under the existing provisions of the Income-tax Act, 1961 (‘the Act’), tax holiday is available to an undertaking which has commenced providing telecommunication services on or before 31 March 2005 (Section 80-IA of the Act). Such benefit is availabl...

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Posted Under: Income Tax |

DTC changes impacting taxation of Foreign Institutional Investors

The DTC 2010 seeks to provide that the Central Government may enter into an agreement with the Government of any country or specified territory for the granting of relief or avoidance of double taxation (‘DTAA’), for exchange of information ...

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Posted Under: Income Tax |

DTC Bill 2010 – Impact on IT / ITES Sector

It is interesting to note the path of the Direct Tax Code from the 2009 Bill to the 2010 one. The promises of a lower corporate tax rate have not crystallised. However, relief has been given to SEZ developers & SEZ units by way of grandfathering clau...

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Posted Under: Income Tax |

Why DTC is negative for Life Insurance Companies and Policyholders

Presently, deductions under Section 80C are available, up to ‘1 lakh, for various investment instruments including premium paid for life insurance, provident fund, etc. Under the DTC, only sums paid to towards a contract for an annuity plan of any in...

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Posted Under: Income Tax |

DTC and GST likely be taught to commerce students in universities

The proposed Direct Taxes Code (DTC) and the goods and services tax (GST) will likely be taught to commerce students in universities on the initiative of the Institute of Chartered Accountants of India (ICAI). The ICAI is in talks with several univer...

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Posted Under: Income Tax |

NRIs want residency clause in DTC to be amended

NRIs want change in DTC clause on stay in India which proposes to tax a person living in India for more than 59 days. Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bil...

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Posted Under: Income Tax |

IFRS Implementation not likely to meet deadline

After missing its date with the Goods and Services Tax and the Direct Taxes Code, the government is also likely to miss the deadline for another major reform initiative – implementation of International Financial Reporting Standards (IFRS) from the n...

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Posted Under: Income Tax |

Nelp-IX tax incentives to be linked to investment

The government’s plan to offer tax incentives based on investments made by companies is expected to attract big overseas investments in the next round of bidding for oil and gas blocks. The investment-linked tax concessions proposed in the Direct Tax...

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Posted Under: Income Tax |

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