Direct Tax Code
Overview:
As we know, Government of India has come up with new direct tax code to replace existing Income Tax Act, 1961. The first draft of the bill was issued in 2009 and was kept open for public comments. After public and industry comments many changes were made to the draft and amended draft was issued in 2010 as Direct Tax Code 2010.
The relevant code is Direct Tax Code 2010. The new law is to be applicable from 1st April 2012.
DTC News
Capital gains taxation will be near ideal under DTC
With rationalisation of Capital Gains taxation, it is widely felt that India has moved into a comfort zone with near-ideal tax rates and hence there is no need to rock the boat too much.
Taxes occupy an important position in the sources of revenue for any Government.The impact that these measures have on the [...]
The taxing issue of FIIs
After five years of debate, policymakers owe it to investors to set this issue at rest once and for all, by taking a final stand on the matter.
Of the various bogeys that have sent the Indian stock market into periodic convulsions, the one about the government mulling capital gains tax on foreign [...]Strong signals on non-resident deals
MOHAN R. LAVI
Clause 119 of the DTC looks to plug transactions with non-residents that are an eyewash. That the Government intends to collect every penny from such transactions is the signal sent.
Newton’s third law of motion on there being an equal and opposite reaction to an action was proved in a world away [...]
Changes in capital gains taxation
S. MURLIDHARAN
Many taboos are going to vanish under the Direct Taxes Code. Capital losses can be set off against any income from ordinary and other sources now or in future without any time restriction.
There are a number of changes proposed in the Direct Taxes Code Bill, 2010 (the DTC) on capital gains taxation. [...]
India Inc to face no fresh tax liability from IFRS: Sources
The Ministry of Corporate Affairs said that India Inc will not have to face fresh tax liability from International Financial Reporting Standards (IFRS) anymore, reports CNBC-TV18′s Malvika Jain quoting sources.
CNBC-TV18 learns that after IFRS convergence, which will take place once the Direct Tax Code (DTC) bill is implemented in the next fiscal year, tax [...]
Expert Insight: Alternate Tax is Poor Policy
A game-changing amendment in the income-tax provisions will affect, adversely, the promotion of Limited Liability Partnerships (LLPs) in India. The policy change, which was passed in the Finance Act of 2011, essentially applies an alternate minimum tax on these partnership-like entities in the same way as companies.
The amendment, effective from financial year 2011-12 that [...]
Mukherjee asks Income Tax dept to prepare for transition to Direct Tax Code regime
Finance Minister Pranab Mukherjee today said the Direct Tax Code Bill , currently under examination of Parliament’s Standing Committee, would be effective from April 1, 2012 and urged the Income Tax Department to prepare for the transition to the new regime.
Inaugurating the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax, [...]
Double taxation pacts to be amended
Finance Minister Pranab Mukherjee on Tuesday announced the government’s intention to amend the Double Taxation Avoidance Agreements (DTAA) with various governments and tax havens to deal with the menace of black money stashed away abroad.
Talking to reporters on the sidelines of the 27th Annual Conference of Chief Commissioners and Director-Generals of Income Tax Department [...]
