To plug the loopholes that led to the dispute between Vodafone and the Income Tax Department, the government proposed to impose capital gains tax on acquisitions made overseas if the acquired company holds over 50 per cent assets in Indian company. “It is strictly in the provisions of the Bill that where a transaction takes [...]
Archive for the ‘Direct Tax Code’ Category
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Direct Tax Code Bill deferred by a year
Posted by khyati on August 31st, 2010
The Direct Tax Code Bill has been delayed by a year in Parliament. The Bill will come into effect from April 2012. The government tabled the Bill in the Lok Sabha. The Bill proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.
DTC: Dropping retirement benefit account system was unfortunate
Posted by khyati on August 31st, 2010
The new Direct Tax Code is now well on its way to becoming the law of the land. From April 1, 2011, many things will change, but compared to the original draft of the code, the changes are not nearly enough. Now that the dust has settled and we know exactly what has made it [...]
FM tables DTC bill in Parliament
Posted by khyati on August 30th, 2010
Finance Minister Pranab mukherjee, Aug 30 tabled the crucial Direct Tax Code (DTC) bill in the Parliament. The Union Cabinet Aug 26 cleared the Bill that provides reduced tax rates and exemptions. The DTC bill also aims at simplifying and mordernise the country’s archaic direct tax laws. If the bill, which raises the income tax [...]
Chamber seeks enhancement of income tax slabs rates
Posted by khyati on August 30th, 2010
While hailing the Direct Taxes Code (DTC) Bill approved by the Union Cabinet, the Tamil Nadu Chamber of Commerce and Industry has sought enhancement of income slabs for tax rates, as given in the original draft of DTC. In a statement here, the Chamber President, Mr N. Jehatheesan, said that in the original draft unveiled [...]
DTC’s corp tax proposal to bring relief
Posted by khyati on August 30th, 2010
Tax experts said the government proposal to remove surcharge and cess from corporate tax to bring it down by 3 percentage points to 30 per cent will provide much needed relief to the industry and bring the levy on par with global standards. However, they wanted the corporate tax rate to be even lower at [...]
