It was supposed to put a lot of money back into the wallet of the common man. However, the Direct Taxes Code Bill, 2010, which was tabled on August 30, did not fulfill that promise. Sure, it will definitely help people save some more on taxes. However, it will not make their life easier as [...]
Archive for the ‘Direct Tax Code’ Category
DTC to help save some taxes, but may end up as a zero-sum game
Posted by admin on September 7th, 2010
Posted in 
ICAI invites Suggestions on the Direct Taxes Code Bill, 2010
Posted by admin on September 6th, 2010
As you are kindly aware that the Direct Taxes Code Bill, 2010 has been introduced in the Parliament on 30thAugust, 2010. The Direct Taxes Committee of ICAI requests you to kindly send your valuable suggestions on the same. Kindly forward your valuable suggestions at dtc2010@icai.org
DTC: Loan waiver under tax net
Posted by admin on September 6th, 2010
Corporates going in for debt restructuring may face rough weather on the income-tax front when the Direct Taxes Code (DTC) comes into play from April 1, 2012. This is because the DTC provides that loans waived by lenders will be treated as income in the hands of the borrowers and taxed accordingly. It may then [...]
Pranab: Monitor Direct tax collections
Posted by khyati on September 6th, 2010
Finance Minister Pranab Mukherjee asked commissioners of the income tax departmentand customs to focus on low growth in service tax, the high level of arrears and amounts locked in litigation and adjudication. During the meeting with chief commissioners and commissioners of income tax, customs and central excise in Mumbai , Mukherjee also expressed concerns over [...]
FM meets IT officials on increasing number of tax evasion cases
Posted by khyati on September 6th, 2010
Finance Minister Pranab Mukherjee held a closed-door meeting with officials of the Income Tax department in Mumbai in view of the increasing number of tax evasion cases being reported from the financial metropolis. The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including [...]
With new tax code penalty for tax evasion lightens
Posted by khyati on September 6th, 2010
While the tax burden for an average taxpayer will lighten marginally, for tax evaders the Direct Taxes Code proposes to reduce penalties substantially. The DTC Bill, tabled in Parliament, proposes that anyone under-reporting their tax base would have to pay a maximum penalty of two times the tax sought to be evaded.
