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Topic : India Budget 2010
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Will Direct Tax Code prove to be a dampner?

Created by : Rashmi Patil, Financial services  | 02 24 2010 07:21:13 +0000
Industry : Equity Research/AnalyticsFunctional Area : Equities(Markets)
Keywords : budget 2010 union budget 2010 budget highlights finance minister india budget 2010 budget highlights budget news 2010 indian budget indian finance minister finance minister pranab mukerjee union budget 2010 budget 2010 news pranab mukherjee budget 2010 direct tax code
Activity:  214 views;  last activity : 07 06 2010 20:18:09 +0000

The Union Budget is barely a few days away and the question on everybody’s mind is what it will do to lower our tax liabilities? This budget comes in the backdrop of the direct tax code which was put out in the public domain. It gives a slightly broad direction on what we can expect from personal taxes going forward. It’s obviously not going to come in this year’s budget.

So users, do you think the direct tax code in this budget, will prove to be a dampener?

  
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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 25 2010 03:49:13 +0000
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I don't think so. Rather, Iam hopeful that something will be done because just imagine inflation is there and I also feel one thing that if the government were to see just one thing that next year what is the shape of things to come that is Rs 10 lakh income and 10% of income tax if this is implemented from this year itself then we will find that it will be just the reverse and not 3%. But 25-30% of the taxpayers will have income exceeding Rs 10 lakh if this provision is introduced namely 10% income tax on income upto Rs 10 lakh for individuals.
By Rashmi Patil, Financial services  | 02 24 2010 08:39:44 +0000
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