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Direct Tax Code

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 .....

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 .....

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 .....

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 .....

New Income Tax Slab under New Direct Tax Code 2009

Finance Minister on Wednesday commenced essential tax reforms through a draft code that intends at toning down income tax rates. So I am giving New Income Tax slab under New Direct Tax code 2009. However, it is proposed right now, and if it gets approval it will be applicable to A.Y. 2011-2012. Updates: (The DTC direct tax code (DTC) will be applicable from 1-4-2011 as stated in Budget 2010. So please see Income tax slab .....

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, .....