Income Tax : Under the Income Tax Act, 1961, the taxability of an assessee is reliant on the residential status of the assessee. Section 6, whi...
Income Tax : In the era of globalisation, the world of Mergers & Acquisitions is witnessing rapid growth and the race amongst corporates to...
Income Tax : Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, r...
Income Tax : A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders....
Income Tax : To understand the tax implications of Bitcoin and Other Crypto Currencies in India, the following points need to be understood und...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club...
Finance : One of the most favoured duty reimbursement schemes among exporters - the Duty Entitlement Passbook (DEPB) scheme - is likely to b...
Goods and Services Tax : One of the most favoured duty reimbursement schemes among exporters — the Duty Entitlement Passbook (DEPB) scheme — is likely ...
Income Tax : With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alter...
With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is not likely to be introduced in the ongoing Parliament session. According to official sources, the bill will be tabled in Parliament only in the Budget Session.
Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review of the draft Direct Tax Code by taking on board the suggestions received. This was stated by the Finance Minister, Shri Pranab Mukherjee while addressing the first newly constituted Parliamentary Consultative Committee attached to his ministry here yesterday.
Finance Minister has announced that the Government has identified seven critical areas on the Direct Taxes Code for further detailed examination. At an interactive session with representatives of trade and industry from all over the country, here today, Shri Pranab Mukherjee said that the areas identified after interactions with all stakeholders are: The concept of Minimum Alternative Tax (MAT) based on gross assets; Capital Gains Taxation in the case of non-residents;
