Direct Tax Code

direct tax code

Budget 2020-21- Moving towards direct tax code

Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh. In addition she removed dividend distribution tax (DDT), again in line with recommendations of the panel set up for Direct Tax Code (DTC). These are probably initial steps towards implementing DTC in …

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budget 2020-21

Union Budget 2020-21- High expectations

The Union Budget 2020-21 was presented on 1st February 2020 amidst a very challenging economic environment. Although it was not acknowledged explicitly, the budget appears to have realized the fiscal limits. Not surprisingly then, it did not excite the market, where expectations were running very high. There were evidently a lot of expectations from the …

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corporate tax

Corporate tax rate cut: An early Diwali

The Finance Minister on 20th September 2019 announced a sharp reduction in corporate tax rates. Manufacturing companies not availing of tax sops can now opt for a 22% corporate tax rate, while new manufacturing companies that register and start production between 1st October 2019 and March 2023 can avail an even lower tax rate of …

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Direct Tax Code

Direct Tax Code: Proposals for Implementation

The new direct tax code (DTC) is expected to be in consonance with economic needs of the country, and will replace the 58-year old existing Income Tax Act, 1961. A panel was set up to draft the code in view of direct tax systems across various countries, international best practices and economic needs of the …

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budget 2019

Budget 2019 wish list: Spur growth

This being the first union budget under the new government & given the fiscal situation in India we are unlikely to see any major tax cuts or sops being given. The budget must clearly focus on giving the flagging economy a stimulus and increasing government spending. The new government must focus on reducing tax disputes, …

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