DIRECT TAXES CODE

  • DTC bill will be introduced in monsoon session: Chidambaram July 16, 2013

    Jaipur: Finance Minister P Chidambaram on Tuesday said official amendments to the DTC bill, which seeks to overhaul the over 50year old income tax law, will be introduced towards the end of monsoon session of Parliament starting August 5. The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in...
  • DTC Bill in Monsoon session: Chidambaram May 24, 2013

    Mumbai: The Direct Taxes Code (DTC) Bill, which aims to overhaul the over 50yearold IT Act, is almost ready and will be taken up in the Monsoon session of Parliament, Finance Minister P Chidambaram said on Friday. "I am just writing the Direct Taxes Code. We will introduce it in...
  • DTC bill will be introduced in Budget session: FM March 9, 2013

    New Delhi: Finance Minister P Chidambaram on Saturday said the government wants to introduce the Direct Tax Code (DTC) bill in the Budget session of Parliament. He also said that Goods and Service Tax (GST) would become a reality within 2013, if all state governments come on board. "We are working...
  • Work on Direct Tax Code in progress: Chidambaram February 28, 2013

    New Delhi: Finance Minister P Chidambaram on said work on the Direct Tax Code (DTC) Bill, which seeks to overhaul income tax laws, is in progress and the amended Bill will be introduced in the ongoing Budget session. Presenting the Budget, he said that the DTC is not intended to...
  • Budget: 'Fiscal deficit to be capped at 4.9 pc of GDP' February 25, 2013

    Motilal Oswal has come out with its report on Budget preview. The research firm expects fiscal deficit to be restrained within 4.9 per cent of GDP in FY14. (i) Signs of improvement in the fiscal situation are visible. Tax collections remain robust. Significant expenditure cuts have also been effected. We estimate...
  • Axe the tax: Citizens seek revision of tax exemption limit February 18, 2013

    New Delhi: In the run up to the Budget, CNNIBN's Axe the Tax campaign looks at how does one save for their retirement and family. But the question is whether the government is encouraging the Indian citizens to put away enough. Ten years ago, the savings exemption limit was set...
  • 'Govt to come out with modified DTC Bill' January 31, 2013

    New Delhi: The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which had suggested raising annual income tax exemption limit to Rs 3 lakh. "Will come out with modified DTC (Bill) in response to...
  • Direct Taxes Code needs fresh look: Chidambaram August 28, 2012

    New Delhi: Union Finance Minister P Chidambaram on Tuesday said that the Direct Taxes Code (DTC), initiated by him during his earlier tenure, needed a fresh look. After a meeting with top officials of Central Board of Excise and Customs (CBEC), he also said the tax department has to be firm...
  • NRIs fear DTC taxing properties in India: SICCI March 23, 2012

    Singapore: NonResident Indian (NRI) industrialists in Singapore have expressed apprehensions about the proposed Direct Tax Code (DTC), which may tax their properties and foreign currency deposits in India. "Such new taxes will discourage NRI's participation in the Indian economy," said R Narayanamohan, chairman, Singapore Indian Chamber of Commerce and Industry (SICCI)...
  • IT exemption limit may be raised to Rs 3 lakh February 24, 2012

    New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit...
  • Budget to resume tough fiscal adjustment: Banker February 20, 2012

    By Dr Rupa Rege Nitsure Just a couple of weeks ago, the rating agency Standard & Poor's has issued a warning that the balance of risk factors for India's sovereign credit rating has shifted towards the negative on the back of its weak fiscal position, high inflation and slower economic growth. The...
  • PreBudget meetings with Pranab begin today January 11, 2012

    New Delhi: Finance Minister Pranab Mukherjee will start preBudget consultations with various stakeholders from Wednesday. The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists over the next three weeks to get their feedback and inputs for considering...
  • PreBudget meetings with Pranab from Wednesday January 10, 2012

    New Delhi: Finance Minister Pranab Mukherjee will start preBudget consultations with various stakeholders from Wednesday. The first meeting is with agriculturalists. It will be followed by a series of interactions with sectoral experts, industry captains and economists over the next three weeks to get their feedback and inputs for considering...
  • Direct tax code to come in force from April: FM February 28, 2011

    New Delhi: Finance Minister Pranab Mukherjee on Monday said the Direct Taxes Code (DTC), which will replace the Income Tax Act, is proposed to be implemented from April 1, 2012. "... The code is proposed to be effective from April 1, 2012," Mukherjee said in his...
  • Last year's budget: promises UPA didn't keep February 28, 2011

    R Jagannathan When finance minister Pranab Mukherjee reads out his budget speech shortly, he will promise many things. But, invariably, he will not deliver on some of them. He would also have got several things wrong. So, it is always good to take his forthcoming budget promises with a pinch of...
  • No big taxation rejig seen this Budget: Experts February 14, 2011

    Indians are expecting the Finance Minster to bring some crucial changes in the Union Budget 2011. One of the major expectations from the FM is to make the direct tax code (DTC) more efficient. Thus, the FM will have to strike a balance between the inflation and growth and choose...
  • CARE seeks changes in proposed new tax code February 9, 2011

    New Delhi: Global agency CARE on Tuesday said the government should amend the draft provisions of the proposed Direct Taxes Code which will come into effect from April 1, next year to ensure balances of nonprofit organisation (NPOs) are not treated as income. "...retained balances of specificpurpose grants received by NPOs...
  • New Direct Tax Code pushed by a year August 30, 2010

    New Delhi: The Direct Tax Code (DTC) will now come into effect a year later. It will be effective from April 1, 2012. Finance Minister Pranab Mukherjee said: "The DTC has been laid on the table of the House. Thereafter, it will go to the appropriate committee. After that, it will...
  • How the Direct Tax Code will affect you August 30, 2010

    By Suresh V Swamy Executive Director and Amee Gala Manager PricewaterhouseCoopers (PwC) Is today a taxing Monday? The Direct Tax Code (DTC) bill has been introduced in Parliament on Monday. If you wonder whether that concerns you, then yes, as effective from April 1, 2012, it is likely...
  • New tax code cleared, exemption slabs hiked August 26, 2010

    New Delhi: Union Cabinet on Thursday cleared the new Direct Tax Code Bill that proposes to raise the basic exemption limit for individual tax payers from Rs 1.6 lakh to Rs 2 lakh. So there will be no tax on incomes below Rs 2 lakh. The exemption for senior citizens...
  • Low tax rate boosts economy: CBDT chief June 19, 2010

    The Direct Taxes Code Bill is slated to be tabled in the forthcoming monsoon session of Parliament. Central Board of Direct Taxes Chairman SSN Moorthy told CNBCTV18 about its impact. "We are yet to work out the modalities. The rate is a subject which is decided by the legislature. So I...
  • No tax reform bill this Budget session: Report February 12, 2010

    New Delhi: Finance Minister Pranab Mukherjee will not present a major tax reform to bring down corporate tax and simplify income tax rules this month, the Business Standard daily said on Friday, citing unnamed sources. The Direct Taxes Code bill was expected to be presented in the budget session of Parliament...
  • Direct Taxes Code to simplify tax structure: Pranab Mukherjee July 6, 2009

    New Delhi: The Government on Monday has promised to come out within 45 days with a framework for the Direct Taxes Code that will simplify tax structure. "I propose to pursue the structural changes in direct taxes by releasing a new Direct Taxes Code within the next 45 days," said Finance...