Tags: direct tax & indirect tax, direct tax and indirect tax, direct tax case laws, direct tax circulars, direct tax in India, direct tax India, direct tax notes, direct tax payment, direct tax ready reckoner, direct tax reporter
India
New Income Tax Code |
Recently the draft of the Direct Tax Code was released by Finance Minister Mr.Pranab Mukherjee. The idea is to finalise the Direct Tax Code Bill for introduction in Parliament sometime during the winter session and if it gets the approval it will be implemented for assessment year 2011.
According to the provisions of the Income Tax Act, VC funds that invest in nine designated sectors — biotechnology, nanotechnology, IT hardware and software, research and development for new chemical entities, seed research, dairy, poultry, bio-fuels and large hotel-cum-convention centers — do not pay any tax on the gains realised on such investments. But the investors or limited partners (LPs) in these funds pay the tax.
Mr Mukherjee admitted that the Government had taken time to come up with a simplified tax code though Dr Manmohan Singh, as Finance Minister in 1991, had underscored the need for a tax system that was easily understandable, with moderate rates and without exemptions.
Tags: direct tax & indirect tax, direct tax and indirect tax, direct tax case laws, direct tax circulars, direct tax in India, direct tax India, direct tax notes, direct tax payment, direct tax ready reckoner, direct tax reporter
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[caption id="attachment_1456" align="alignright" width="65" caption="Income Tax "][/caption]
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