dtc - Page 6

Direct Tax Code-2010 Proposed Changes in respect of international taxation

Income shall be deemed to accrue in India if it accrues, directly or indirectly through or from transfer of a capital asset situated in India. However, the income from the transfer by a non?resident of any share or interest in a foreign company would not be considered as income, wherein at any time in twelve months preceding the transfer,...

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Posted Under: Income Tax |

MAT is no more minimum alternate tax

When the first draft of the Direct Taxes Code (DTC) was released in August 2009, the provision dealing with Minimum Alternate Tax (MAT) was one of the most discussed and deliberated provision. It proposed to levy tax on the gross value of assets. There were certain drawbacks and limitations which were pointed out to the government, as a r...

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Posted Under: Income Tax |

Direct Taxes Code Bill, 2010 – Summary of Key changes proposed

Certain specified expenditure such as non-compete fee, business reorganization expenses, etc. shall be allowed on a deferred basis over a period of 6 years. However, expenditure incurred by a resident on any operations relating to prospecting for any...

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Posted Under: Income Tax |

SEZs to be operational before March 2014 to get tax benefits under the proposed Direct Taxes Code

The deadline of March, 2014, under the proposed Direct Taxes Code (DTC) for making new special economic zone units operational if they are to get tax benefits is likely to speed up development of these SEZs by entrepreneurs, a report said. ...

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Posted Under: Income Tax |

Govt neutralises tax impact of first year of DTC regime by withdrawing Profit linked incentives

Government today said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50,000 crore and make the exchequer little bit richer despite moderation in tax rates. "Government would bring Rs 55,000 crore wort...

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Posted Under: Income Tax |

DTC 2010 introduces investment linked tax incentives instead of profit based incentives available under the Income Tax Act

Under the Income Tax Law (ITL), tax incentives linked to the profits of the relevant business (profit-linked incentives) are available for a specified number of years. Direct Taxes Code (DTC) 2010 proposes to withdraw or substitute these profit-linke...

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Posted Under: Income Tax |

DTC- 2010- Major amendments related to assessment, appeal, penalty and withholding tax

Direct Tax Code (DTC) 2010 consolidates the withholding tax provisions as well as the procedural law dealing with reporting of income (including branch profits), net wealth and dividends distributed. To ensure compliance with the reporting requirements under DTC 2010, certain amendments have been proposed to the penal provisions, as also ...

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Posted Under: Income Tax |

Direct Taxes Code Bill, 2010- Provisions affecting Mergers and Acquisitions

The draft Direct Taxes Code along with a Discussion Paper was released on 12 August 2009 for public comments to simplify direct tax legislation in India. Subsequently, comments were solicited from the public and examined by the Government. A Revised Discussion Paper was issued to respond to the major concerns and comments of stakeholders ...

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Posted Under: Income Tax |

DTC propose to tax companies and individuals on income arising from investments overseas

The income-tax department intends to bring individuals under the ambit of the proposed controlled-foreign companies (CFCs). The rules on CFCs, proposed under the Direct Taxes Code, are aimed at ensuring that all companies and individuals pay tax on income arising from investments overseas....

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Posted Under: Income Tax |

Petroleum ministry wants continuation of exemption to oil and gas producers under proposed Direct Tax Code

Petroleum ministry has asked the finance ministry to rework the Direct Taxes Code Bill 2010 so that oil and gas producers can continue to enjoy the existing tax breaks which are being grandfathered to their full extent.In a letter to revenue secretar...

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Posted Under: Income Tax |

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