Direct Tax Code 2010 bill has been perused , discussed with various stakeholders and examined by Parliament Standing Committee on finance which is chaired by Sri Yashwant Sinha . Now , the final report with its recommendations on Direct Tax Code (DTC) have been presented to Parliament. The Direct Tax Code 2010 Bill is [...]
Higher tax bracket -read high basic tax exemption -has been recommended under amended Direct Taxes Code (DTC) Bill by Parliamentary Standing Committee on Finance. It is likely to submit its report within a week to Parliament , so that DTC bill with its recommendation can be introduced in the Budget session. It is expected that [...]
In another blow to the Government, the Direct Tax Code is once again most likely to miss its already extended deadline of April 2012. It is now being expected to be implemented in April 2013 along with the proposed goods and services taxation (GST). Direct Tax Code The DTC that is meant to replace the [...]
Readers must be aware that the courts and Tribunal has regarded the forfeiture of amounts of share or debenture application money as capital recipt. This was analysed in Is forefieture of share or debenture application money taxable? The Direct Tax Code has incorporated provision u/s 56(2) by which not only share application money , but [...]
There are umpteen number of cases where the liability in the books of accounts are carried for years. Under the present income tax Act , there is provision under section 41 of Income Tax Act under which remission of liability is deemed to be business income of the assessee. However, the test & condition laid...