Finance Minister to release ‘Direct Taxes Code’ today

October 10th, 2009 NEW DELHI - An industry body Saturday urged the government to remove some provisions in the Direct Tax Code draft, especially those taxing capital gains arising on indirect transfer of Indian assets. "This can have serious implications in various international transactions like cross-border mergers and transfer of Indian shares in foreign capital markets," the Associated Chambers of Commerce and Industry of India (Assocham) said in a statement.

October 9th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee on Friday announced that the Government has identified seven critical areas on the Direct Taxes Code (DTC) for further detailed examination. At an interactive session with representatives of trade and industry from all over the country, here, Mukherjee said: "The areas are: The concept of Minimum Alternative Tax (MAT) based on gross assets; Capital Gains Taxation in the case of non-residents; The Income Tax Act and the Double Taxation Avoidance Agreement (DTAA); General Anti-Avoidance Rule (GAAR); Issues relating to effective management control and taxation of foreign companies in India; Taxation of charitable organizations; and Shift from EEE to EET taxation system." On the apprehensions expressed regarding the time schedule for implementation of the new DTC, he assured that next steps would be taken only after a comprehensive review of the draft DTC by taking on board the suggestions received.

October 9th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Friday said a new direct tax regime with rationalised rates and simplified procedures will take effect 2011, even as the government was open to suggestions from all stakehopders to fine tune the proposals. We want to present all stakeholders with a tax regime that is simple and broad based, leading to lowering of tax rates, much better tax compliance and reduced litigation, Mukherjee told a seminar on the new Direct Tax Code here.

October 8th, 2009 NEW DELHI - The government is likely to release a draft paper on Goods and Service Tax (GST) by October-end to facilitate implementation of the new tax regime by April 1 next year. The Empowered Group of State Finance Ministers will hold talks with various stakeholders and then finalise the GST draft, group chairman and West Bengal Finance Minister Asim Dasgupta told reporters.

September 14th, 2009 SRINAGAR - Hundreds of striking employees of Jammu and Kashmir Road Transport Corporation (JKRTC) suffered injuries on Monday, when they held a rally outside the corporations' headquarters and marched towards the State Civil Secretariat near Lal Chowk in Srinagar, as police had to use teargas shells and water cannons to disperse them. Police was forced to use force, as demonstrators were adamant to meet the State Finance Minister over his alleged remarks about them.

August 13th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee has said that India proposes to reform its archaic tax laws, phase out exemptions, simplify rules on corporate mergers and help improve compliance. "You will find all the direct tax laws, fringe benefit tax, income tax all these have been brought under one umbrella single direct tax code.

August 12th, 2009 NEW DELHI - The CII today said that the Government needs to be complimented for the endeavour to simplify the law relating to levy of tax on Income and Wealth. The Direct tax Code Bill and the Discussion paper released today is well within the deadline promised by the Finance Minister in his Budget speech on July 6, it said.

August 12th, 2009 NEW DELHI - The following are some salient features pertaining to the new Direct Tax Code proposed by the government, for which a draft and a discussion paper were released by Finance Minister Pranab Mukherjee Wednesday: What does it seek: The Direct Tax Code will replace the existing Income Tax Act that was enacted in 1961, which had replaced an earlier legislation of 1922 enacted prior to the country's independence. When will it be introduced: The government intends to present the relevant bill during the winter session of parliament, after considering and incorporating, if seen fit, the opinions on its provisions from the public.

July 27th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday proposed some more concessions in direct and indirect taxes, especially for infrastructure, housing and food processing industries, to push the country's growth. The proposed measures were announced during Mukherjee's reply to the debate in the Lok Sabha, the lower house of parliament, on the Finance Bill, presented by him July 6 as part of the national budget for the current fiscal.

July 6th, 2009 NEW DELHI - A new direct tax code will be introduced in 45 days and bring changes in the indirect tax structures, Finance Minister Pranab Mukherjee Monday said while presenting the union budget for 2009-10 in the Lok Sabha Monday. Reiterating his commitment to expedite tax reforms, Mukherjee also said he would aim to introduce the goods and services tax by the initial deadline of April 10, 2010.

July 6th, 2009 NEW DELHI - Union Finance Minister Pranab Mukherjee will present the first general budget at 11am today in Lok Sabha. This is the first general budget of the UPA government after coming to power for second term.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee on Monday proposed an increase in the personal income tax exemption limits by Rs. 15,000 for senior citizens from Rs.

July 2nd, 2009 NEW DELHI - Introducing a new income tax code, reforming existing tax structure and duties, slashing subsidies on fuel, fertilisers and food were some of the measures suggested by the Economic Survey 2008-09, released here Thursday. The survey, tabled by Finance Minister Pranab Mukherjee in parliament, called for creation of a new income tax code to bring about a neutral tax regime - a tax structure where deductions are consistent and there are no incentives or exemptions from tax.

June 2nd, 2009 NEW DELHI - West Bengal's Finance Minister, Dr. Ashim Dasgupta, will meet Union Finance Minister Pranab Mukherjee today and submit a report on the recent devastation caused by cyclone Aila in the state.

June 1st, 2009 NEW DELHI - S. S. Palanimanickam joined as Minister of State (MOS) in the Ministry of Finance here on Monday.