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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...

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...

NRIs treated as Not Required Indians

Harsh, Illogical & Discriminatory Taxing Provisions For NRIs! Proposals That Will Hurt The Global Indian Sentiment Flat Rate of Tax 20% flat tax on interest & other investment income. 30% flat tax on all capital gains. Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income. No Personal Exemption No personal exemption or deduction allowed in computing the above...

Minus Social Security : EET=Inequity

Hard Hit Small Salaried Deserve Lower Starting Tax Rates! Both Employment & Retirement Made More Taxing! Allowances & Perks – no longer exempt: House rent allowance (HRA), leave travel concession (LTC), medical reimbursement, value of free or concessional medical treatment and children’s education & hostel allowance. Puny deductions that will still continue: Professional tax paid, transport allowance to...

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