The government’s proposed direct taxes code has been widely welcomed. It seeks, rightly, to bring corporate tax rates closer to the Chinese and ASEAN levels, and combine lower rates with fewer exemptions. The proposed income-tax changes will give substantial relief to the middle class, but may cause excessive revenue losses. Experts have already analysed most [...]
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How New Tax Code would Recast Individual Savings
Posted by admin on August 20th, 2009
The draft direct taxes code signals an end to aggressive tax planning for individuals, particularly for the salaried class. To begin with, employers may have to shift to a system where consolidated amount is offered as compensation package or salary with very few perks, from the existing structure where salaries normally comprise basic, house rent [...]
Direct Taxes Code Bill 2009 & Discussion Paper
Posted by admin on August 20th, 2009
The Direct Taxes Code Bill 2009 & Discussion Paper released by the Ministry of Finance today is available:
Direct_Tax_Code_Bill_2009.pdf
Direct_Tax_Code_Discussion_Paper.pdf
Briefly, the salient features of the Direct Taxes Code 2009 are as under:-
(a) Single Code for direct taxes: All the direct taxes have been brought under a single Code and compliance procedures unified
