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 [...]
Some good news about the GAAR – a set of rules that invalidates arrangements by entities to avoid tax- is in air.Media report quotes Chairman of Central Board of Direct Taxes (CBDT) promising that a threshold limit for applying General Anti-Avoidance Rules (GAAR) under the Direct Taxes Code (DTC) shall be applied . “I can [...]
Direct Tax Code 2012 has changed the rule of computation of capital gains and most striking change is that now a tax payer can choose the fair market value as on 01/04/2000 of an asset as “cost of acquisition” for computing “indexed cost of acquisition”.
No great change is suggested in Direct Tax Code 2010 as far as tax rate for Individual and Senior Citizen is concerned. One apparent change , however , is that the distinction between man and woman has been abolished. Here is the tax rates suggeste
It is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section 55 of the DTC 2010 provides that in following conditions, gains on agriculture land is tax free by claim of deduction provided u/s . The conditions are The agriculture land which [...]