Government had constituted a committee to draft a new direct tax law to replace the existing Income Tax Act,1961.The committee was headed by Akhilesh Ranjan.It has submitted its report to the government. The task force has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction tax(STT) while abolishing the dividend distribution tax(DDT).… Continue reading Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go
Tag: Direct tax code
Committee submits report on replacing I-T Act with Direct Tax Code
Government had constituted a committee to draft a new direct tax law to replace the existing Income Tax Act,1961.The committee was headed by Akhilesh Ranjan.It has submitted its report to the government. The objective of the task force was to draft direct tax laws in line with the norms prevalent in other countries, incorporating international… Continue reading Committee submits report on replacing I-T Act with Direct Tax Code
Centre expands terms of reference of direct tax law body
The Central Board of Direct Taxes (CBDT) has decided to expand the terms of reference for the committee that has been formed to re-write the Direct Tax Code(DTC). The committee will now have to consider five more areas while drafting their recommendation making the total terms of reference nine. The existing terms of reference included… Continue reading Centre expands terms of reference of direct tax law body
