New Direct Tax Code Draft Unvield

by khalid on 18/06/2010 · 1 comment

The government today said that it will introduce a draft legislation on the Direct Taxes Code (DTC), which would replace half-a-century old Income Tax Act, in Parliament in the forthcoming monsoon session. The first draft tax code was released in August 2009 and received more than 1,600 comments.

“If Parliament procedure is complete and it becomes a law, it will be implemented from April 1, 2011,” Revenue Secretary Sunil Mitra told reporters after releasing the revised DTC draft.

The new DTC proposes to abolish Securities Transaction Tax. Therefore, all capital gains(loss) arising from the transfer of equity shares in a company or units of an equity oriented fund will form part of the computation process described above.

The Direct Tax Code Draft Bill is set to bepresented in the monsoon session of Parliament. The earlier proposal to tax thegovernment provident fund and Public Provident Fund withdrawals, is set to bedropped, reports indicate.

View DTC Draft Here:
http://finmin.nic.in/

Congress Party seems to have played a masterstroke here. After not so impressive budget, they have announced something that will make the common man scream with Joy.

In fact the Government has unveiled the draft of a brand new direct tax law, which will replace the four-decade Income-Tax Act

The new code will completely overhaul and simplify the existing tax proposals for not only individual tax payers, but also corporate houses and foreign residents.

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