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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 .....

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 .....