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Direct Tax Code

Direct Taxes Code Important Provisions – Everyone Should Know

In there are specific acts that have been enacted by the government from time to time to look into different matters that has bearing on the people of the and affects their interest in any way. We all pay income tax or see someone talking about income tax. But not everyone knows that this income tax is too is governed by the Income tax Act, 1961 which has been amended from time to time to bring .....

Black Money to be Taxable Under DTC

As we all know that there has been a lot of talk about the black money that is there in India, which if bought back to India can convert India into a big power but it is very difficult as there is the involvement of many high profile people. There are various proofs available of the facts, like the discovery of various scams that are coming to the lime light and the major thing is .....

Direct Tax Code (Changes in the Deduction and Exemption)

As we know that the present tax structure will go for a complete revamp with the introduction of the Direct Tax Code bill which is waiting in the parliament to be presented for its approval. From individual taxpayers to companies, everybody is skeptical about what are the proposed changes and how will this propose change effect the tax liability of the assessee. One of the foremost things that an individual taxpayer wants to know how .....

DTC Springs Nasty Surprise on Seniors Who have an Income

The direct tax code has brought about tremendous changes all over the taxation administration including filling up places of loop holes that existed earlier. The direct tax code or DTC is expected to be in action from 1st April, 2012. The direct tax code has got the senior citizens into a very unpleasant condition as not only the DTC has removed the rebate facility which is being enjoyed by the senior citizens right now but .....

DTC May Land You in the Wealth Tax Net

Introduction of Direct Tax code (DTC) has witnessed several changes that have benefitted the current system of taxation. The proposed date for application of direct tax code (DTC) is expected to be from 1st April, 2012 and one of the interesting features of DTC has come out as in respect of wealth tax. According to direct tax code bill 2010, every individual, HUF and a company is liable to pay wealth tax @ 1% on .....

Direct Tax Code 2011 Cleared by Cabinet

“The cabinet has cleared the Direct Tax Code bill and it is likely to be tabled during the monsoon session of parliament,” the sources said after a cabinet meeting chaired by prime minister Manmohan Singh. The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August, 2009 for public comments. Since then, a number of valuable inputs on the proposals outlined in these documents have been received from a large number .....

How The New Tax Code Impacts On Real Estate

Of course the implementation of the revised draft of direct tax code released on in the month of June as now become one of the hot topics all around and this might also effects or alters many of the industries along with the real estate. This direct tax code was passed by the government in the month of June and stated that all the implemented in this comes in to action by 1st April 2011. .....

Revised Draft Tax Code Favours Equity MFs Over Ulips

Looks like insurance companies are in for more trouble. The revised discussion paper on the direct tax code put out by the Central Board of Direct Taxes clearly seems to favour equity mutual funds over unit linked insurance plans (Ulips). Ulips are essentially investment plans offered by insurance companies which come with a dash of insurance. Currently Ulips come under the EEE (exempt exempt exempt) regime when it comes to taxation. What this means is .....

Revised Discussion Paper on the Direct Taxes Code Now Released June 2010

The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August, 2009 for public comments. Since then, a number of valuable inputs on the proposals outlined in these documents have been received from a large number of organisations and individuals. These inputs have been examined and the major issues on which various stakeholders have given their views have been identified. This Revised Discussion Paper addresses these major issues. There are a .....

Direct Tax Code : Tax on Saving Withdrawals : EEE would be EET.

In our current tax law structure, the Exempt-Exempt-Exempt (EEE) is active. On the introduction of Direct Tax code (DTC), the Exempt-Exempt-Tax (EET) will be active. In simple words, you can say that any amount withdrawal of income from saving instrument will be taxable after the commencement of the Direct Tax Code (DTC) would be governed by the EET method of taxation. See: What is EEE or EET or ETT in Terms of Taxation? Income from .....

More Tax on House Property Income under Direct Tax Code

The Direct Tax Code will change the whole tax structure of the country, and every corporate and individual will require in-depth study before its implication. Moreover, it is probable to withstand many emendations before it is conclusively performed. In this article, I will analyze some concept of House Property that will impact the house property income. There will be major changes in the income of house property. Other sources income will come under house property .....

New Tax Code : 10% Tax upto Rs. 10 Lakh Income

A major relief to tax payer when the government on Wednesday introduced a new direct tax code that seeks to simplify the tax regime in India replacing the Income Tax Act 1961. According to new tax code / new direct tax code 10% tax up to Rs. 10 Lakh Income. See new income tax slab under new direct tax code The government proposed major tax reforms through a draft code that aims at moderating income .....

Download Direct Tax Code Bill 2009

The Finance Minister on Wednesday unveiled the draft of a brand new direct tax code/law, which will replace the four-decade Income-Tax Act, “… to improve the efficiency and equity of our tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base”, said finance minister Pranab Mukherjee. The direct tax code would replace the Income Tax Act 1961, Chidambaram said. Adding that the new direct tax code .....

Draft of Direct Tax Code Released by FM

Finance Minister, Shri Pranab Mukherjee said, Updates: Revised Direct Tax Code (DTC) June 2010 I propose to pursue structural changes in direct taxes by releasing the new Direct Taxes Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the Goods and Services Tax (GST) with effect from 1st April, 2010. The Direct Taxes Code, along with a Discussion Paper, will be released to the public .....

Simple Tax Regime, Simple Tax Structure, FBT & CTT abolished, Lawyers to pay Service Tax, Corporate Tax remain Unchanged

Simple Tax Regime, Simple Tax Structure, FBT & CTT abolished, Lawyers to pay Service Tax, Corporate Tax remain unchanged. Encouraging to cut down poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented India’s budget for this fiscal that hikes income tax exemption limit and moves up measures for welfare schemes and infrastructure. The income tax exemption limit for senior citizens was looked for to be increased by Rs 15,000, .....

Fringe Benefit Tax (FBT) to be abolished

Finance Minister Pranab Mukherjee has announced that Fringe Benefit Tax (FBT) has been abolished. Income Tax exemption limit Increased in union budget 2009 Watch Highlights of Union Budget 2009 related to Direct Taxation The commodity transaction tax (CTT) has also been abolished. The Goods and Services Tax (GST) will come into effect from April 01, 2010, Mukherjee said. The corporate tax also remains unchanged. He said additional revenue would be mobilised through disinvestment of government .....