Is notional rent on house not let out, taxable under Direct tax Code 2010?

No. This is great relief and right relief for all persons having more than one house . Under the Income Tax Act 1961 , if you have more than one property, there is provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such a concept has been abolished.

Five simple rules of taxation of income from house property under DTC 2010.

The Direct Tax Code has really simplified the taxation of income from house property. Following are the most important provisions for taxation of income from house property:

Individual & HUF Tax Rate as per Direct Tax Code Bill 2010

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

How to save tax on sale of agriculture land sale?

It is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section...

Is agriculture income tax free under DTC 2010?

Yes, the agriculture income is tax free under Direct Tax Code 2010 , however , one has to understand what is agricultural income under...

Is exemption like 54 or 54F available in Direct Tax Code 2010 ?

Under the Income Tax Act , 1961 , if the residential house or any other long term investments were sold  and residential house is...

Is there any special tax rate for capital gains under Direct tax Code?

No, unlike Income Tax Act 1961, the new Direct Tax Code 2010 , likely to be effective from 01/04/2012 , does not prescribe any special tax rate. Now the long term or short term are part of total income and is taxed at the normal tax rate applicable to you. Note following points regarding taxation of capital gains.

Only 50 % of short term capital gains on shares or units taxed .

As on now tax rate on short term capital gains on shares or units which is subject to STT are taxed @ 15 % . However under Direct Tax Code 2010 ,not only there is no specific tax rate for STCG , it is proposed that the STCG on listed shares or units shall be taxed only to the extent of 50 % of gains computed. For example , let us say you bought a share of X ltd for Rs 100 and sold for 150 after six months.

Is long term gain on shares or units tax free under Direct Tax Code?

The good news is : Yes, the long term capital gains on sale of shares of companies or mutual funds on which securities transaction tax has...

SEZ losses steam !No profit linked deduction allowed under revised DTC

Exemption under Income Tax Act to entities doing businesses under Special Economic Zones were given 100% of tax break. These SEZ were based on location with the hope that setting up such SEZs will increase the local economy and balances the economic growth with respect to other economically developed area.
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