Does New Direct Tax Code profitable for India Inc?
Tags :
Accounts,Tax,corporate tax, tax saving, new direct tax code, indirect tax code, saving on tax, saving tax, tax savings,
Industry :
Banking, Asset Management
Functional Area : Strategy Execution |
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About "Does New Direct Tax Code profitable for India Inc?" topic:
Does New Direct Tax Code profitable for India Inc? How should one work on Tax saving in the current times, Tax saving today is the most important thing for many as they don't want to loose their money where government is levying more tax on them, hence tax saving is priority for many of us, and let us see how the new direct tax code in this regard will help us.
2 insight
, 10 debates
, 2 idea contests
on topic: "Does New Direct Tax Code profitable for India Inc?"
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(rate this)
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1
Allow tax benefits on Housing loans
2
Remove all taxes!
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P. KINGSTON PREMKUMAR
| Supported idea
"Allow tax benefits on Housing loans "
| 2 years ago
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I agree with you guys. Some people have taken housing loan recently especially to avoid Income Tax. These people will be affected. It should be exepted.
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SR Sham Sunder
| Supported idea
"Remove all taxes!"
| 2 years ago
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Deepak, no country yet has looked into it. Like I have indicated, governance has a meaning and definition. When most government functionaries take a formal oath, they also take an informal oath - "I will do nothing drastically different". ...
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Shaju George
| Supported idea
"Allow tax benefits on Housing loans "
| 2 years ago
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Housing loan repayment should get the same benefits.. or else housing industry itself will get affected.
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Ideate: "New Income tax law from 2011: What changes would you like to see in the new I-T law?" deleted from your view.
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(rate this)
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Yes
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6
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VS |
1
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No
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shashi b prasad
| Argues in support of
"Yes"
| 1 year ago
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It can be made taxable at the time of maturity, but there should be limit (if more than specified limit i.e., 25-50 lacs )if exceed then only it should be taxable, because puting into the same basket to everybody (there is no difference between...
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sanjay kumar mangal
| Argues in support of
"No"
| 1 year ago
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a tax payer makes long term investments(i.e. 3 years plus) with the objective to enjoy the returns as a lump sum to support his life in that if he has to share with the government a whopping sum of 30 % of returns then it is certainly not fair...
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Niraj S Kakkad
| Argues in support of
"Yes"
| 1 year ago
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It would be a BANE given the current tax structure. Presently the provision for utilising the first Exemption i,e, at the time of investment is only Rs 1 lac. The average direct and indirect tax that is imposed on the tax payer is phenomenally...
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Debate: "Proposed Tax Code - EEE to EET If implemented would be a Bane " deleted from your view.
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(rate this)
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People earning more than Rs 10 lakh a year may save up to Rs 41,040 in income tax, if slabs proposed by the Direct Taxes Code (DTC) bill come into effect, experts said. Similarly, tax burden would reduce by Rs 21,540 for those earning annual income between Rs 5 lakh and Rs 10 lakh, while those making Rs 2 lakh to 5 lakh could be richer by Rs 7,660, Deloitte Haskins Sells Partner Neeru Ahuja said. According to the bill presented in the Lok Sabha today, income from Rs 2-5 lakh is likely to attract tax rate of 10 per cent; 20 per cent in the Rs 5-10 lakh bracket and 30 per cent above Rs 10 lakh. At present, income between Rs 1.60 lakh and Rs 5 lakh attracts 10 per cent tax, while the rate is 2...
Insight: "Direct tax code to make taxpayers richer by 41,000 Rs.........." deleted from your view.
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(rate this)
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yes
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8
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VS |
5
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no
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Raju V P
| Argues in support of
"yes"
| 1 year ago
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What difference does it make? Service tax on invoice is like payment of advance taxes. What if the money is not collected? Then you can claim it as a rebate and also claim bad debts. The Government wants to realise the service tax early and so...
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taxworry
| Argues in support of
"no"
| 1 year ago
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I am sure the new law will give great business to law community because there will be situations in which a service tax payer (read service giver) shall find it very painful to pay tax when he does not get the amount from party to which he has...
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Debate: "is the service tax on invoice instead of receipt is a good move?" deleted from your view.
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(rate this)
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yes
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1
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VS |
0
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no
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Ajay Monga
| Argues in support of
"yes"
| 1 year ago
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introduction of dtc is compatively easy and easy to understand than income tax act, 1961
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Debate: "is direct tax code is good for assessee" deleted from your view.
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(rate this)
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Enter side of the debate you are supporting income tax act
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1
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VS |
0
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rate of tax
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pankaj kumar tiwari
| Argues in support of
"Enter side of the debate you are supporting income tax act"
| 1 year ago
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income tax rate in india to high
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Debate: "What is the debate about..income tax" deleted from your view.
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(rate this)
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Yes
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1
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VS |
4
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No
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sanjay dey
| Argues in support of
"No"
| 1 year ago
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with the revised draft the tax burden will increase in the hands of the pensioners. the FIIS are making business in the share market. If they are made to cough up more tax it will discourage their investment in the market
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Linto Anthoni
| Argues in support of
"Yes"
| 1 year ago
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In my opinion , the initiative from CBDT to implent the revised tax code is a nice move. They should have done this long before, well atleast they can learn from past mistakes. They should also try to standardize the code in such a way that even...
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Debate: "Does the revised tax code benefit the individual taxpayer? " deleted from your view.
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(rate this)
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Yes
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7
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VS |
0
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No
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Archana Singh
| Argues in support of
"Yes"
| 1 year ago
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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.
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Shashi Kumar U
| Argues in support of
"Yes"
| 1 year ago
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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...
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Debate: "Does the revised tax code address concerns raised earlier?" deleted from your view.
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(rate this)
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Yes
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3
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VS |
0
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No
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ghanshyam periwal
| Argues in support of
"Yes"
| 2 years ago
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Indian economy is growing with his own pace till now. but for the maintain the momentom of the growth need to give flexibility to corporate to re-invest there earning in the economy rather than pay to govt. And individual tax payers will...
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Debate: "Will the new direct tax code promote economic growth?" deleted from your view.
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(rate this)
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Favour
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1
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VS |
0
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Against
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Deepak Agrawal
| Argues in support of
"Favour"
| 2 years ago
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Benfits of proposed changes Direct Tax code- Deduction (the popular section 80C) increased to Rs 3 lakh from present Rs 1 lakh. So a person with taxable income of Rs 10,00,000 is likely to save approx Rs 1,20,000 annually. Corp tax rates,...
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Debate: "India's proposed Direct Tax Code of 21st Century" deleted from your view.
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