Union Minister of State for Finance S S Palanimanickam today said the Direct Taxes Code would be implemented on April 1, 2012. “It will be implemented on April 1, 2012. There is no change in that…”, he told reporters. In August, the Government delayed the implementation of the DTC to next fiscal. The Direct Taxes Code Bill was supposed to be implemented by April 1, 2011.
The Direct Taxes Code 2010 (DTC) has prompted tax payers to reconsider investment plans. The key difference lies in the exclusion of certain savings schemes from the list of items eligible for deduction of up to Rs 1,00,000 from gross total income. Ulips and ELSS have been left out and only approved funds like PF, [...]
Special economic zones may have lost some of their sheen on account of the proposed withdrawal of income tax sops in the Direct Taxes Code Bill, but developer Adani Group feels the zones are still lucrative enough to attract investment. “Growth will definitely be there, you will see units coming in,” said Unmesh Abhyankar, the [...]
Implications for policyholders Deductions under Section 80C: Presently, deductions under Section 80C are available, up to ‘1 lakh, for various investment instruments including premium paid for life insurance, provident fund, etc. Under the DTC, only sums paid to towards a contract for an annuity plan of any insurer (subject to it being an approved plan) [...]
The commerce department will push for lowering of the minimum alternate tax (MAT) proposed in the direct taxes code (DTC) Bill on units in special economic zones (SEZs) as it believes that it would not be viable for units to pay such high taxes. The department will raise the issue in the presentation it will [...]
As per the Direct Taxes Code Bill 2010 (the ‘Code’ ) proposed to be effective from April 1, 2012, every person other than any non-profit organisation, shall be liable to pay wealth tax @1% on net wealth exceeding 1 crore.
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