Tuesday, April 1, 2014

Latest from BS, SG on DTC et al


Pre-Budget consultations: DTC faces cold treatment

The original DTC, drafted in 2009, proposed less exemptions and wider I-T slabs


Shome comittee Identifies 29 Issues in Direct Taxes & 47 Issues in Indirect Taxes


Lalit Kumar

Caught between the law and the rules

Wheels within wheels And the bureaucracy is making it worse. PETER HERMES
The Ministry of Corporate Affairs, charged with framing the Rules of the new Companies Act, may have exceeded its brief
The apprehension that the Ministry of Corporate Affairs (MCA) would misuse its rule-making... »

Anyone who has ever devoutly cared to go through the other legislation lurking and awaiting enactment round the corner, - i.e. THE DTC , heavily criticized for its fatally inherent deficiencies in knowledgeable circles, might not have failed to realize that also suffers from like shortcomings. As drawn attention to on an earlier occasion, the expert commentary in the leading text book (NAP's latest, Tenth Edition, Vol I, pg. 3, under- Direct Taxes Code , 2012) seems to fairly and succinctly reflect the largely canvassed adverse opinion /criticism impinging on the very futility of replacing the present code with the 'new' code. What is sad is that, many who should be equally concerned e.g. professionals such as CAs , let alone their governing bodies, have, unwittingly or otherwise , thus far failed to come to grips with the surrounding realities but continue to avidly canvass for, and are fondly, with open arms, in loyal wait for ushering in the new code. 
Of course, the only solace is that, if it were enacted, especially in its present text, as to what really is in store- good or bad- for the already muddled tax regime with complexities galore, could be expected to be known and felt not until a few more decades have passed by. Anyway, while it is the taxpaying community who would have to, as ever, bear the brunt of it in entirety, those who are traditionally looking for and accustomed to thriving on only complexities in such legislation would not have to be least bothered.


DTC May undergo Makeover under New Govt - CA RockersFinance Chairman, however, added the BJP was in favour of anew direct tax law, as the current legislation had become complex after amendments over the...

Exemption u/s Section 54 of IT Act: Analysis - CA RockersBy- CA Vinay Parmar All about Capital Gain exemption under section 54 & 54 F and its applicability under various circumstances:- If an individual tran...

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