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 after the submission of DTC report in Parliament, the finance ministry may table the revised
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 understand that if GAAR comes as a piece of legislation, there will be considerable apprehensions…
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 is sold was agricultural land during two years immediately preceding the financial year in which the asset is transferred; The...
Yes, the agriculture income is tax free under Direct Tax Code 2010 , however , one has to understand what is agricultural income under DTC 2010. clause 314 (11) defines “Agriculture Income ” to mean as under: “agricultural income” means the following income, namely:— (a) any profits and gains derived from cultivation of agricultural land; (b) any rent derived from any agricultural land; (c) any rent derived from any farm
The government, on Monday, tabled the Direct Tax Code (DTC) . However , Revenue Secretary Sunil Mitra clarified that the new tax law will be effective from 01/04/2012 . The reason for postponement is that tax administrator, tax practitioner and taxpayers need time to adjust to new tax regime.
Direct Tax Code is cleared by Cabinet and now the road for introducing the DTC Bill in parliament is paved. There is some relief given in form of small tax rate cut. The corporate tax rate, which currently stands at 33% has been reduced to 30%, including cess and surcharge. The original draft had proposed 25%, but it has been revised upwards. The basic tax exemption has been set at Rs
Goods and Services Tax (GST) and Direct Taxes Code are two tax reforms that the government is aiming to introduce from April 1, 2011. The Cabinet is likely to take up Direct Taxes Code (DTC) bill on Thruday . as per media reports, the DTC Bill may be introduced in the current monsoon session of Parliament, but the constitution amendment bill on GST will be delayed, a finance ministry official said Tuesday. ‘We