https://www.taxtmi.com/news?id=983 The Paper proposes a consolidated Direct Taxes Code applying residence based taxation to residents (worldwide income) and source taxation to non residents, reorganising computation into ordinary and special sources, adopting an income expenses model for business with clarified expenditure categories and capital allowances, rationalising tax incentives (notably EET treatment for permitted savings), introducing a GAAR to counter impermissible avoidance, modernising tax administration via centralized risk based scrutiny and information systems, and reforming procedures for filing, assessment, penalties and corporate taxation including dividend distribution tax and an asset based Minimum Alternate Tax. en-us Thu, 20 Aug 2009 11:55:18 +0530 Fri, 21 Aug 2009 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=983 The Paper proposes a consolidated Direct Taxes Code applying residence based taxation to residents (worldwide income) and source taxation to non residents, reorganising computation into ordinary and special sources, adopting an income expenses model for business with clarified expenditure categories and capital allowances, rationalising tax incentives (notably EET treatment for permitted savings), introducing a GAAR to counter impermissible avoidance, modernising tax administration via centralized risk based scrutiny and information systems, and reforming procedures for filing, assessment, penalties and corporate taxation including dividend distribution tax and an asset based Minimum Alternate Tax. News - Thu, 20 Aug 2009 11:55:18 +0530 https://www.taxtmi.com/news?id=983