The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement benefits, weeding out incentives for housing sector and changes in the Minimum Alternate Tax (MAT). The proposals in the Code are only “illustrative” and are open for discussion and there is [...]

The government is open to a detailed examination in seven critical areas of the new direct taxes code, Finance Minister Pranab Mukherjee assured the industry on Friday. The areas to be re-examined are the proposals on the minimum alternate tax (MAT), capital gains tax, double taxation avoidance agreement, general anti-avoidance rule, taxation of charitable organisations, [...]

The government may increase sops to low-income tax payers in the proposed Direct Tax Code (DTC). The details of the new tax system,which is scheduled to be implemented from April 1, 2011, have been put on the finance ministry’s website to get reactions from general public, professionals and industries. The government will also look into [...]