Direct Tax Code

The government had constituted the direct tax code task force to overhaul the Income Tax Act.

Government unlikely to opt for a cut in personal income tax rates

"A cut in personal income tax is unlikely in this year due to lack of fiscal space," a senior official told Moneycontrol.

Needed: Lowering of personal income tax as proposed in the DTC

The slab rates proposed would rationalise the present ones and do away with surcharges.

Direct Tax Code: Is this the reform market is waiting for?

In case, the new law recognizes FPIs as separate category of tax payers' to be uniformly taxed irrespective of being organized a trust or a company it could help in stabilizing the markets.

Direct Tax Code | A transformative story for India’s taxation

The 58-year old tax regime is on the cusp of a sea change that can put more money in the hands of tax payers

Budget 2019 | Direct tax reforms – It’s a case of now or never!

The message is loud and clear. India needs a paradigm shift in direct taxation. Will the government bite the bullet like it did for GST?

Focus on direct tax reforms as panel set to submit report

The new government will present its first central budget in the first fortnight of July 2019.

Manifestos: A look at how both BJP and Congress are trying to woo middle-class voters with tax proposals

In its 2019 election manifesto, Congress has promised to implement DTC within the first year of forming the government.

New direct tax code may have to wait until 2020

Akhilesh Ranjan, Member, CBDT is likely to be the head of the panel on Direct Tax Code

Panel on income tax reforms to submit report in a few days; implementation may spill over to next year

A new direct tax code may involve change in rates and slabs that will require amendments in the Finance Bill, which is unlikely to happen in an election year when an outgoing government usually presents only an interim budget/vote on account

New direct tax code may have to wait until 2019

It may take at least another two months for the Arbind Modi committee to submit its report on the new direct tax legislation; the public consultations and debates will follow thereafter

Govt optimistic about GST roll out from Apr 2016: Rev Secy

Elaborating further, he said increase in service tax from the next financial year, the restoration of normal tax rates on automobile sector and increase in excise duty of petrol and diesel from November last year would help the government in garnering more revenue.

Mauritius-routed global investments into India dips to 15%

In 2010, India's share was as high as 32.27 percent, before declining to 23.25 percent in 2011. The FSC is the integrated regulator for all non-banking financial services and global business sectors in Mauritius.

Empty realty spaces profitable no more! DTC plugs loopholes

Till now all these investors only factored in a capital gains tax and a one percent TDS for properties above Rs 50 lakh that was only recently introduced in this year‘s Budget.

GST dispute resolution body to be set up: FM Advisor

The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues

DTC Bill may slap 35% new tax on super rich: Sources

The cabinet is all set to consider the revised direct tax code (DTC) Bill soon. No change is likely in the tax exemption limit, but the bill proposes a new 35 percent tax slab for people with income exceeding Rs 10 crore per annum.

Parliament likely to debate DTC in Monsoon session

The Finance Ministry may table the Direct Tax Code in the monsoon session of the Parliament. The code seeks the hike of income tax exemption and savings reduction limit.

Invest in India infra only if brave or stupid: Ashok Wadhwa

CNBC-TV18's Senthil Chengalvarayan caught up with Wadhwa to find out his views on the economy and the road ahead for Indian equities.

Final DTC to see tweaks in Wealth tax, I-T slabs: Sources

The new or revised direct tax code bill being worked upon by the finance ministry currently will see key changes in wealth tax, IT slabs and definition of non profit organization, sources from Central Bureau of Direct Taxes (CBDT) informed.

Revert to old draft not possible; DTC, GST by 2014: Shome

Last week Parthasarathi Shome, Advisor to the finance minister informed that the finance minister wants to place the ‘DTC (direct tax code) Bill‘ in Parliament by the end of this Budget session in May. DTC is a major attempt to simplify the Income Tax (I-T) rules.

Budget 2013: DTC still work-in-progress; to be tabled in Budget session

In his Budget speech, Finance Minister P Chidambaram today said that the Direct Tax Code will be introduced in the Budget session of Parliament.

Raise tax exemption limit to Rs 300000, say professionals

Professionals are clamouring for a rise in current tax exemption limit of Rs 200000 to atleast Rs 300000 in line with the inflation, so that monthly disposable income is slightly higher.

New direct tax code, hike in indirect taxes likely: Sources

Parthasarathi Shome, key member of the Finance Minister's budget team today hinted at a hike in indirect tax rates to 14% even as the Finance Ministry works on a new direct taxes code.

ELSS - An ideal instrument for tax saving

ELSS is one of the most popular Sec 80C investments wherein investors enjoy both the benefits of capital appreciation, as well as tax benefits. With the financial year coming to a close and sentiments towards equity markets turning positive, investments in ELSS are on the rise. Read this space to know more about this tax saving instrument.

DTC effects on ELSS Funds

Once the DTC kicks in ELSS will lose its tax benefit. This has raised concerns among investors who are already invested or wish to invest in ELSS. While some of the concerns are genuine, others show that the product is simply misunderstood. Financial expert Manshu Verma enlightens on the effects of DTC on ELSS to help investors understand better.