Direct Tax Code

DTC bill will be introduced in Budget session: FM

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. ...  

Work on Direct Tax Code in progress: Chidambaram

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 be an amended version of Income Tax Act, 1961 but a new code based on the international practices that will be compatible...  

Budget: 'Fiscal deficit to be capped at 4.9 pc of GDP'

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. Signs of improvement in the fiscal situation are visible. Tax collections remain robust. Significant expenditure cuts have also been effected. We estimate fiscal deficit at 5.4 per cent of GDP for FY13. ...  

Axe the tax: Citizens seek revision of tax exemption limit

In the run up to the Budget, CNN-IBN'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. ...  

NRIs fear DTC taxing properties in India: SICCI

Singapore: Non-Resident 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) after addressing a seminar on India's Union Budget 2012-2013 in Singapore. Though the new tax code awaits legislative approvals...  

Budget to resume tough fiscal adjustment: Banker

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 Reserve Bank of India (RBI) governor too affirmed that "fiscal slippage" was acting as a threat to RBI's...  

Direct tax code to come in force from April: FM

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 Budget speech 2011-12. In the DTC Bill, which was introduced in Parliament last year, the annual I-T exemption limit is proposed at Rs 2...  

Last year's budget: promises UPA didn't keep

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 salt. Here’s a laundry list of the things he promised in his budget speech of February, 2010, which he...  

No big taxation rejig seen this Budget: Experts

...  

CARE seeks changes in proposed new tax code

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 non-profit organisation (NPOs) are not treated as income. "...retained balances of specific-purpose grants received by NPOs should not be treated as 'income' so long as it is applied for the specified purpose," CARE said in...  

New Direct Tax Code pushed by a year

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 be discussed and after obtaining the committee report it will be discussed in the next session, I hope." As...  

New Direct Tax Code pushed by a year

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 be discussed and after obtaining the committee report it will be discussed in the next session, I hope." As...  

Do you expect to benefit personally from the new income-tax code?

The Direct Tax Code bill, which likely to replace the Income-tax Act of 1961, was introduced in Parliament on Monday. It will be effective from April 1, 2012. 

How the Direct Tax Code will affect you

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 to replace the Income-tax Act of 1961 under which you currently pay tax. The fine print of the revised DTC...  

New tax code cleared, exemption slabs hiked

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 has been raised to Rs 2.5 lakh, up from 1.4 lakh at present. The tax code will now be sent...  

Low tax rate boosts economy: CBDT chief

The Direct Taxes Code Bill is slated to be tabled in the forthcoming monsoon session of Parliament. ...