Revised DTC- Wealth Tax to be paid by all except non-profit organisation !

The proposal of first draft DTC that wealth tax limit was set at 50 Crore has been selved in revised draft Direct Tax Code.It is proposed that Wealth Tax will be levied broadly on the same lines as provided in the Wealth Tax Act, 1957.

Six changes in capital gains proposed under Revised DTC

The revised direct tax code has proposed six major amendments and changes in computation of capital gains. These are Normal tax rate for all kinds...

Revised DTC deletes tax on notional rent , allows interest deduction.

Two of the most controversial change in taxation of rental income from house property by earlier Direct Tax Code were -proposal of tax @ 6 % of presumptive rent calculated at 6% per annum of the ratable value fixed by the local authority and abolition of any interest deduction even from one house which is self occupied by a taxpayer.

Revised DTC- Not to tax retirement benefits and perquiste as perposed earlier !

Revised direct tax code has certainly  good news for the employees and specially higher officials of central and state government . In earlier DTC...

Revised DTC – No Tax on Withdrawal from PPF or GPF or Pension Fund

The game between EET vs EEE ends with government shelving plan to introduce Exempt Exempt Tax plans on PPF or GPF which was proposed under first draft of Direct Tax Code. It was proposed under first draft of Direct Tax Code that in case of following kinds of investments , the tax will be imposed at the time of withdrawal of sums from such investments

Revised DTC Shelves Gross Asset MAT proposal !

The Direct Tax Code had proposed a Minimum Alternate Tax (MAT) on companies calculated with reference to the "value of gross assets".It was proposed in the first DTC that the "value of gross assets" will be the aggregate value as on the last day of the relevant financial year of the
Malcare WordPress Security