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Does the revised tax code address concerns raised earlier?

Created by : Archana Singh, Relationship Executive, ICICI Bank  | 06 16 2010 07:25:08 +0000
Industry : Equity Research/AnalyticsFunctional Area : India(Markets)
Keywords : tax revised tax code
Activity:  351 views;  last activity : 07 06 2010 20:18:09 +0000

Recently, the government has said that provident funds would not be taxed on withdrawal and dropped a proposal to levy Minimum Alternate Tax from corporates based on their assets from the revised draft Direct Taxes Code which has been released for public discussion, does not give any details on the Income Tax structure such as the slabs or rates, which were provided in the first draft released in August 2009.

As of now, it is proposed to provide the EEE (Exempt- Exempt-Exempt) method of taxation for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPF) and puts pensions of government employees who were recruited since January 2004. The proposal drew flak from several quarters, especially the trade unions and salary earners.

So users, does the revised tax code address concerns raised earlier?

  
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Yes, this concern was raised earlier. The first DTC draft had proposed to tax all savings schemes including provident funds at the time of withdrawal bringing them under the EET (Exempt-Exempt-Tax) mode.
By Archana Singh, Relationship Executive, ICICI Bank  06 16 2010 07:31:38 +0000
 
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yes it is.
By puneet , Manager Admin  | 06 20 2010 16:43:28 +0000
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It has answered one major issue that is long term savings. By having EEE on PF, PPF and pure insurance it has saved the people from one big tax issue. But by having capital gains tax ( long term and short term in par ) and not defining the term pure insurance it has complicated the tax structure. Well some gain and some lose this has always been our tax matters
By Shashi Kumar U, Manager accounts & commercial, Mazda Concrete Products Pvt Ltd  | 06 17 2010 04:45:54 +0000
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Thanks for the referral Ms Archana,

I agree, this is something to be looked deeply into.
By Dr Ali Ahmad, Independent Health Care Consultant, Hospital Management Consultant  | 06 16 2010 19:17:47 +0000
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