sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal
 Bansal Overseas 121 KM Stone, Near Namastesy Chowk, G. T. Road Karnal vs. ACIT Karnal Circle, Aayakar Bhawan, Sector- 12, Urban Estate Karnal
 How to invest, how much you may invest and save in taxes SBI Tax Saving Scheme
 Taxman on a refunds spree as income tax returns hit record high in FY19
 CBDT issues final notification on securities tax exemption

Finmin make presentation on DTC Bill tomorrow
November, 18th 2010

The Finance Ministry will make a presentation before a parliamentary panel tomorrow on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012.

"It''s a preliminary introductory meeting for the first time...the (Parliamentary Standing) committee must have had something to look at it.

They wanted us to explain--what are the structure, what are the elements--more of introductory presentation," Revenue Secretary Sunil Mitra told reporters on the sidelines of an event orgnaised by management school IMI.

The DTC Bill was tabled in Parliament in the last session and therafter referred to the Parliamentary Standing Committee.

After criticism of some of the proposals of original draft, the Bill dropped a suggestion to tax retirement funds to at time withdrawal and levying tax on Minimum Alternate Tax (MAT) on the basis gross assets.

As per the DTC Bill, the income-tax exemption limit has been raised to Rs 2 lakh from Rs 1.6 lakh earlier. For senior citizens and women the tax exemption limit has been hiked to Rs 2.5 lakh.

The new Direct Tax Code proposes to tax incomes between Rs 2 lakh and Rs 5 lakh at 10 per cent, between Rs 5 lakh and Rs 10 lakh at 20 per cent and beyond Rs 10 lakh at 30 per cent.

Currently, income between Rs 1.6?5 lakh attracts 10 per cent income tax; between Rs 5?8 lakh, 20 per cent income-tax and beyond Rs 8 lakh, 30 per cent income tax.

For corporates, there will be no surcharge or cess.

The corporate tax rate is proposed to be capped at 30 per cent as against 33 per cent at present. The rate of tax on corporate incomes was proposed to be capped at 25 per cent earlier.

Also, the government proposes to raise the MAT on book profits to 20 per cent from current 18 per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions