New direct tax regime from 2011: MukherjeeOctober 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.
Critical areas on DTC for detailed examination identified: Pranab MukherjeeOctober 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.
India moots tax reforms, Bill likely by end 2009August 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.
Finance Minister to release 'Direct Taxes Code' todayAugust 12th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee will release the draft of the 'Direct Taxes Code' here today. It will be released in the presence of Union Home Minister P.
Fact sheet on the proposed new direct tax codeAugust 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.
CII welcomes new direct tax codeAugust 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.
Tax reforms to be expedited, says MukherjeeJuly 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.
Content code: Shackling press unwelcome, says governmentJune 6th, 2009 NEW DELHI - With Information and Broadcasting Minister Ambika Soni expected to evolve the long-delayed consensus on a content code for news broadcasters, the government Saturday maintained that "any move to shackle the press would be unwelcome". Even as the coverage of the 26/11 Mumbai attacks attracted adverse criticism, the government, however, called for a debate on the media's response to internal security issues.
Ambika Soni to focus on 2010 Games, content code (Lead)June 1st, 2009 NEW DELHI - A new team at the information and broadcasting ministry got down to business Monday as Minister Ambika Soni mapped out an agenda focusing on better coverage of the 2010 Commonwealth Games and a "harmonious" relationship with the media. Soni, 65, who was tourism and culture minister in the previous government, outlined her priorities that also include mobilising consensus on a contentious content code for news broadcasters.
Poll panel lets off officers who released Commonwealth Games adMay 4th, 2009 NEW DELHI - The Election Commission Monday let off the officials of the Commonwealth Games Organising Committee, responsible for releasing advertisements which violated the model code of conduct. Appearing before the poll panel, the director general of the organising committee said the release of the advertisements was not intended to violate the poll code and 'it was totally a bonafide exercise', Election Commission officials told reporters here.
Product Recalls: chocolate chip cookiesApril 23rd, 2009 Product Recalls: chocolate chip cookiesThe following recall has been announced:
— Alternative Baking Co. Inc. is recalling several types of chocolate chip cookies with code dates of 015 through 036 because the chips appear to contain undeclared milk.
Notice to minister for violating model codeMarch 23rd, 2009 NEW DELHI - The Election Commission of India Sunday asked union Minister for Mines Sis Ram Ola to explain why he violated the model code of conduct by inaugurating a new school in Rajasthan. Ola was shown by a news channel inaugurating newly built rooms of a government school in Rajasthan March 8.
Kerala IT industry seeks sops from governmentFebruary 3rd, 2009 THIRUVANANTHAPURAM - Chief executives of Technopark companies here Wednesday asked the Kerala government to announce a stimulus package for the state's IT industry, which has been hit hard by the economic slowdown. The Group of Technopark Companies (GTECH), a body representing the CEOs of the companies in Technopark, expected hope that the government would come up with some sops for the industry in the next state budget, to be presented later this month.
Industry body seeks more incentives for auto industryJanuary 30th, 2009 NEW DELHI - Industry body Federation of Indian Chambers of Commerce and Industry (FICCI) Saturday urged the government to offer more incentives to the domestic auto industry and encourage foreign investment in the sector. In a study on 'Automotive Policies And Incentives in Developing Countries', the FICCI said the automotive industry in several developing countries were growing fast with the assistance of their respective governments.
Conduct code violation no ground to set aside election: CourtJanuary 7th, 2009 NEW DELHI - Violation of the model code of conduct of the Election Commission is no ground to set aside the election of a candidate as the guidelines do not have legal sanctity, a Delhi court has ruled. The model code of conduct apparently has no statutory backing and many of its provisions are not legally enforceable and it is the political parties which have themselves consented to abide by the principles embodied in the code, Additional District Judge Kamini Lau said in a ruling this week.
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