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...
Indian-listed shares:-Long-term capital gains on transfer of the above securities (where securities transaction tax is payable) would continue to be eligible for a 100% deduction, and remain exempt from tax. The DTC has reduced the tax burden substantially for short-term small investors. Short-term capital gains on such securities (taxable at 15.45%) would be eligible for 50% deduction and thereafter taxed as per the normal slab rates applicable. Effectively, the tax under DTC would range between 5% and 15%, depending on the tax bracket in which an individual falls. Small investors (with an income between Rs 2 lakh and Rs 5 lakh) would pay only 5% capital gains tax.
A General Anti-Avoidance Rule (GAAR) was proposed in the Indian tax legislation for the first time in DTC 2009, apart from Specific Anti-avoidance Rules (SAARs) like transfer pricing (TP) provisions, dividend stripping transactions in securities, dis
Chapter V of the Direct Taxes Code (DTC) seeks to levy a tax of 20 per cent on the book profits of every company. Profits of the company have to be prepared in the prescribed form in accordance with the provisions of parts II and III of Schedule VI t
n the Direct Tax Code Bill 2010 certain provisions relating to the INCOME-TAX APPELLATE TRIBUNAL have been incorporated which were not in the earlier draft and therefore we do not have the benefit of any intelligent or meaningful debate in the hands
Finance Minister tabled the Direct Taxes Code Bill, 2010 (DTC 2010) in Parliament on 30 August 2010 with a view to simplify the direct tax legislation in India. The DTC 2010, once enacted, would come into force from 1 April 2012. This Article provide
The New Pension Scheme (NPS) has so far not seen too many takers after the government opened the scheme to the public in 2009. However, the investment scenario will most likely change in favour of NPS once the proposals under the latest Direct Taxes
In Direct Tax Code, 2010 Senior Citizens are left with no practical avenues for making tax-saving investments. DTC (and most of us who have commented on it) assumes that income from work ends at retirement. However, this is not true for a significant number of seniors. Many still do part-time work or irregular work after their formal retirement, while a significant number have rent income.
The Direct Code Bill 2010 is in public domain now, after a long debate and discussion on the Draft DTC put on public domain in August 2009. The Chapter of INCOME TAX SETTLEMENT COMMISSION having no space in the Draft DTC and has been made part of Direct Taxes Bill 2010, therefore requires proper public debate and sufficient discussions as to the Chapter XVI of DTC Bill 2010.
The Cabinet approved Direct Tax Code (DTC) as tabled in Parliament on last day of August 2010 has many surprises and hidden shocks for individuals as well as corporate India. The key objective of DTC is to benefit small taxpayers as a result of rati
Corporates going in for debt restructuring may face rough weather on the income-tax front when the Direct Taxes Code (DTC) comes into play from April 1, 2012. This is because the DTC provides that loans waived by lenders will be treated as income in
