practical tax & investment planning online
international tax expert / colunmist / author / speaker
Currently Browsing: Direct Tax Code

DTC PANEL MOOTS MAJOR REFORMS!

Seeks more rational exemptions, liberal tax rates, greater accountability in administration & taxpayer friendly regime!                    “We want taxpayers to celebrate DTC. I can assure you that our committee will make sure that the Direct Tax Code (DTC) is made as taxpayer friendly, as judicious and as equitable as possible,” assured Yashwant Sinha, former FM and Chairman of the 31 member Parliamentary...

DUMP THE DIRECT TAX CODE!

DTC virtually beyond repair, present Income-tax Act should be revised to achieve the underlying objectives! The Direct Taxes Code (DTC) Bill, 2010, was presented in the Lok Sabha on the 30th August, 2010, to replace the existing Income tax, 1961 and Wealth tax Act, 1957 with effect from 1.4.2012. Tax law, which has been subject to extensive review by the Indian Parliament every year and in-depth scrutiny of the...

DTC TREATS NRIs AS ‘NOT REQUIRED INDIANS’

Harsh Taxing Provisions & Tinkering with Residential Status under the Code are bound to irk the Global Indian Community! Amrish Amin, a Non Resident Indian (NRI) settled in U.K. earns interest income of Rs.3 lakhs on his Non Resident Ordinary (NRO) Account Bank Deposit in India in the current FY 2010-11. Enjoying his personal exemption limit of Rs.1,60,000 and the eligible deduction of Rs.1,00,000 under Section...

DRAFT CODE GOES OFF THE ROAD!

‘Taxing Times’ Crusade Creates A Historic Impact As FM Assures ‘No New Code Without Consensus!’ “DTC is not Bhagwat Gita which cannot be changed”  – Pranab Mukherjee in Lok Sabha Nearly four months after releasing the draft ‘Direct Taxes Code’ (DTC) for public debate, the Union Finance Minister Pranab Mukherjee gave clear indications in the Lok Sabha last Friday that the government was open to virtually...

Looking at London, Talking to Tokyo!

The Code boasts of incorporating simplicity, well accepted principles  & best international practices.’ Does it achieve or deceive on this count?                  The Direct Tax Code claims that its attempt is “to simplify the language to enable better comprehension and remove ambiguity to foster voluntary compliance.” Just consider this. Section 284 dealing with ‘definitions’ defines as many as 318 terms and...

« Previous Entries

Powered by HADNow.com