direct tax code 2011

direct tax code 2011

direct tax code 2011 and direct billing may be submitted during the monsoon session of parliament, “the source said after a cabinet meeting chaired by Prime Minister Manmohan Singh.

The draft code (DTC direct taxes) with a discussion paper was published in August 2009 for public comment. Since then, a number of valuable comments on the proposals made in these documents are received from many organizations and individuals. These entries are reviewed and key issues on which the various stakeholders have their views have been identified. The revised working paper addresses these important issues.It was referred to the Special Committee and will be presented in Rajya Sabha on Monday. The new provisions of the Code of direct taxes are:
New Direct Tax Code 2011: great relief for the salaried class

The new provisions of the Code of direct taxes are:
• tax on income between Rs 2 lakh – R. 5 lakh: 10%
• tax income between Rs 5 lakh – R. 10 lakh: 20%
• The tax revenue of over Rs 10 lakh: 30%
Company is held at 30%.
The limit for exemptions for employees is Rs 2 lakh, while for the elderly is Rs 2.5 lakh.

New Code of direct taxes from April 2011.
Department had already come to a drawing on the draft law (Code of direct taxes) DTC, certain provisions have strongly criticized by industry and the public. To answer these questions, the Department published the draft revised from previous proposals for the tax jurisdiction over the withdrawal of the guarantee fund and the contribution of the alternative minimum tax on businesses based on their assets. “From now proposes that the EEE (exempt-exempt-exempt) method of taxation for the Government Pension Fund (GPF) to offer, the Public Provident Fund (PPF) and approved fund (RPF) …”, the revised DTC issued by the Ministry of Finance said. The revised draft also provides pensions are managed by the regulator acting LIFDCs including retired government employees who were hired since January 2004 in the treatment of such equipment. The first draft DTC has suggested that all savings plans, including trust funds upon withdrawal of their placement under the EET (exempt tax-exempt tax) mode. In the EEA method, the tax exemption, in three phases – investment, accumulation and withdrawal. The previous draft had proposed that the DTC to reduce corporate tax to 25 percent of the current 30 percent. The revised proposal also stated that tax incentives on housing loans will continue. The payment of interest on housing loans to Rs 1.5 lakh will continue. The previous version was silent on housing loans.

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