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Topic : Income Tax Efiling
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Direct taxes code

Created by : A R Vinayak Das, Civil Engineer, Consulting Engineering Services (I)  | 08 15 2009 08:04:35 +0000
Industry : Public Sector/GovernmentFunctional Area : Infrastructure(Technology)
Keywords : income tax
Activity:  1506 views;  last activity : 01 11 2011 16:26:29 +0000

The Proposed direct tax code is offing huge benefits to the common tax payers of the nation. Some of its proposal are as follows

Income                          %

Upto 1,60,000                nil

1,60,000 - 10,00,000       10%

10,00,000 - 25,00,000     20%

25,00,000 and above       30%

Abolition of Security transaction tax (SST).

Exemption of retirement benefits from tax.

Please suggest your comments

 

  
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Supporting the code, it will be benefitiary to citizens/nation Vs Objecting the code it will have some bad effects
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I think this will be hugely beneficial to common man.
By A R Vinayak Das, Civil Engineer, Consulting Engineering Services (I)  08 15 2009 08:04:35 +0000
 
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lets hope the new code will give us some relief and free us from the duality of tax authorities
By sanjay dey, Tax & accounting , Consultatnt  | 01 11 2011 16:26:28 +0000
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Income tax act 1922 was changed by present act of 1961.

With plethora of amendments etc. there is a need for overhauling with

globalisation,technological changes, e governance etc.
By Ramachandran Mahadevan, Freelancer, Freelancer  | 12 28 2009 07:19:58 +0000
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Proposed Direct Tax Code is really productive, tax rates are more favourable to the assessees. It is nothing but old wine in new bottle with few changes. Legibility of the new code is outstanding, even a layman can understand the code easily.
By RAMANATHA PRABHU N, Chartered Accountant  | 12 19 2009 09:04:51 +0000
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IT IS HAPPY THAT THE SLAB IS INCREASED.BUT GIVING MORE EXEMPTIONS,FACILITIES TO GOVT.EMPLOYEES IS NOT GOOD.WHILE IMPLEMENTING THIS METHOD, THE GOVT. SHOULD TAKE CARE ON INDIRECT TAXES ALSO.
By G.KAMALANATHAN , Accounts Manager, d.k.polymers  | 09 02 2009 05:57:47 +0000
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I also believe this decision will be a great help for common man.
By Jyoti Rath, Sr. Associate, Barclays  | 08 19 2009 10:41:22 +0000
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clearlt the common man gets benefit out of it
By Nagpal Singh, Sales and Business Development, Babel Group of companies  | 08 18 2009 16:31:38 +0000
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only the income of salaried class were booked in full. So they are entitled to maximum benefits.
By Jayanandakumar V, Senior associate, Taxes Department  | 02 26 2010 17:02:43 +0000
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There is the possibility that interested circle may not allow our FM to make the Tax system simple. Quite a lot of people earn their living by advising tax payers and they may not like to see laws simple.

Further, so many insurance companies, Post Offices, MF Funds etc. look forward for the tax laws and its provisions of exemptions. Simple structures may harm their interests and thus living of so many. FM might require to look after their interests too.

One may not expect that our FM may be bold enough to implement the Direct Tax Code in full as has been proposed.


By ASOKE KUSARI, Domestic Private Banking-Executive/Manager, A large leading PSU Bank - India  | 02 26 2010 02:46:37 +0000
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govt. up than we up so its a beneficial.we do good work but culd it posibale we rising
By Raj Kumar Dubey, Accounts Executive/Accountant, The Institute of Computer Accountants  | 09 21 2009 14:07:48 +0000
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This will be beneficial to govt.because from 10,000,00---2500000 ARE MAXIMUM
By SB DIKSHIT, STATE QUALITY MONITOR, U.P.R.R.D.A  | 08 15 2009 10:43:33 +0000
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