As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
Wants investment limit for tax savings schemes be increased to Rs 320,000
Amendments should be made in income-tax law to ensure that non-resident shareholders become entitled to avail tax credit for the additional income-tax paid by the Indian domestic company.
After the Cabinet approved the Direct Taxes Code Bill, Finance Minister Pranab Mukherjee had yesterday said the corporate tax rate is sought to be retained at the present level of 30 per cent, but there will not be any surcharge or cesses on it.
Having altered the income tax slabs in the Budget, the Finance Ministry on Thursday said the next round of widening of the tax slabs is possible when the direct taxes code (DTC) comes into effect, likely from 2011-12.
Taxpayers are not likely to get as much relief as was proposed in the discussion paper on the Direct Taxes Code last year, with the Finance Ministry saying that the tax slabs may be narrowed down in the bill, slated to be tabled in the monsoon session of Parliament.
Batting for the worried SEZ developers who fear withdrawal of incentives in the new direct tax code, Commerce and Industry Minister Anand Sharma on Friday said his ministry would ensure that the sops continue.
The proposed Direct Tax Code Bill is likely to be a legislation by the monsoon session of the Parliament, 2010, a senior government official said.
What does the proposed Direct Taxes Code hold for the common man? A look at visible effects and implications of the proposals on our monies.
The new Direct Tax Code is expected to result in a higher tax-to-GDP ratio, reduce compliance costs, lower the administrative burden, discourage corruption and most importantly, improve equity both horizontal and vertical.
The draft Direct Taxes Code unveiled by Finance Minister Pranab Mukherjee on Wednesday proposes raising the tax exemption limit on savings to Rs 3 lakh.
In the final part of this series on direct tax code we evaluate its impact on those earning a salary greater than Rs 25 lakh per annum.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
One key provision is the taxation of indirect transfers when shares of foreign entities change hands.
The original DTC draft was put in the public domain in 2009 but revised the next year before being presented in Parliament.
In its report, which was submitted to the Lok Sabha Speaker Meira Kumar on Friday, the Standing Committee on Finance suggested that the wealth tax limit be pegged at Rs 5 crore (Rs 50 million), while the Securities Transaction Tax be abolished.
Chidambaram wants it reworked; GAAR controversy weighs on implementation.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
At a press conference on Monday, Finance Minister P Chidambaram said when the final version of the Bill was tabled in Parliament, the government would abide by the recommendations of the parliamentary standing committee on DTC.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
The Committee, in an earlier report on the Direct Taxes Code (DTC) Bill, had favoured abolition of STT.
The panel, under the supervision of the Planning Commission, also turned down the demand for area-based fiscal concessions for Bihar on the grounds that it was not consistent with the proposed reform measures under the Direct Taxes Code and Goods and Services Tax.
Pledging to alter the policy environment to accelerate economic growth, Prime Minister Manmohan Singh on Saturday promised to address concerns on GAAR and taxation of the IT sector along with giving high priority to finalisation of the Direct Taxes Code and Goods and Services Tax.
Infosys chief Kris Gopalakrishnan on Wednesday expressed hope that DTC and GST will be pushed through in the forthcoming budget, while Genpact vice chairman Pramod Bhasin feared economic reforms will be tough going forward.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
With 2014 polls in mind, FM may provide individual tax payers relief despite fiscal constraints.
Overall, Union Budget 2011-12 maintained status quo for the Chemical Industry.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
The Standing Committee on Finance, which met under the chairmanship of senior BJP leader Yashwant Sinha, has decided to finalise its report by March 2, enabling Parliament to consider the ambitious reforms in direct tax regime.
The panel of Parliament examining the Direct Taxes Code (DTC) Bill has almost finalised its recommendations. It wants more taxpayer-friendly measures.
Members of the All India Muslim Personal Law Board were miffed with the government on specific clauses in the Right To Education (RTE) Act, the Direct Taxes Code Bill and the Wakf Amendment Bill of 2010
Apart from developers of special economic zones and units operating out of them, the proposal will also affect companies in power, infrastructure, food processing, hotel and hospital sectors, among others.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
As chairman of the parliamentary standing committee on finance, former finance minister, Yashwant Sinha, says he is committed to expediting the legislative work associated with important Bills, including the direct taxes code (DTC) and Goods and Servies Tax.
A Parliamentary committee scrutinising the Direct Taxes Code (DTC) Bill will recommend raising of the annual income tax exemption limit to Rs 3 lakh.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances