TaxTMI 
TaxTMI 
INTRODUCTION - Revised Discussion Paper – Direct Tax Code (DTC)
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....NTRODUCTION - Revised Discussion Paper – Direct Tax Code (DTC) <br>News and Press Release<br>Dated:- 15-6-2010<br><BR>INTRODUCTION 1. The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August, 2009 for public comments. Since then, a number of valuable inputs on the proposals outlined in these documents have been received from a large number of organisations and indi....
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....viduals. These inputs have been examined and the major issues on which various stakeholders have given their views have been identified. This Revised Discussion Paper addresses these major issues. There are a number of other issues which have been raised in the public feedback, which, though not part of this Discussion Paper, will be considered while finalising the Bill for introduction in Parliam....
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....ent. The issues which this Revised Discussion Paper addresses are: i. Minimum Alternate Tax (MAT) - Gross assets vis-a-vis book profit. ii. Tax treatment of savings - Exempt Exempt Tax (EET) vis-a-vis Exempt Exempt Exempt (EEE) basis. iii. Taxation of income from employment - Retirement benefits and perquisites. iv. Taxation of income from house property. v. Taxation of capital gains v....
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....i. Taxation of non-profit organisations vii. Special Economic Zones - Taxation of existing units viii. Concept of Residence in the case of a company incorporated outside India. ix. Double Taxation Avoidance Agreement (DTAA) vis-a-vis domestic law. x. Wealth Tax. xi. General Anti Avoidance Rule (GAAR). Paragraph 1 in each Chapter describes the proposals in the DTC and Discussion Paper, ....
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....paragraph 2 highlights the issues and concerns raised and paragraph 3 details the revised proposals in response to these concerns. 2. It had been stated in the first Discussion Paper that the Government would consider calibrating the rates of tax in the light of the response and comments received on the scope of the tax base discussed in the Discussion Paper. The proposals in this Revised Discu....
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....ssion Paper would lead to a reduction in the tax base proposed in the DTC. The indicative tax slabs and tax rates and monetary limits for exemptions and deductions proposed in the DTC will, therefore, be calibrated accordingly while finalising the legislation. 3. This Revised Discussion Paper is available on the following websites: finmin.nic.in and incometaxindia.gov.in Responses to the Revis....
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....ed Discussion Paper should be sent online through the link provided at these websites or at the following e-mail address: [email protected]. Responses are solicited upto 30th June, 2010.<BR> News - Press release - PIB....