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PRESENTED BY:
MOHAMMED NADEEM
OVERVIEW
Introduction
Types of tax
Direct tax code
Features
Issues and analysis
Conclusion
INTRODUCTION
A fee charged by a government on a
product, income or activity.
Taxes in India are levied by the Central
Government and the State Governments.
The authority to levy a tax is derived
from the Constitution of India.
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No tax shall be levied or collected except by
the authority of law.
Passed either by the Parliament or the State
Legislature.
The CBDT provides essential inputs for
policy and planning of direct taxes in India.
Purpose
Revenue generation
Redistribution of money
Repricing
Representation
Types of tax
Tax
Customs Duty
Service Tax
The direct tax code
The government introduced the landmark
Bill, The Direct Taxes Code Bill in 2009.
It will impact investments, borrowings, and
expenses.
The Direct Taxes Code (DTC) is said to
replace the existing Indian Income Tax Act,
1961.
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The Bill widens income tax slabs for individuals.
The Bill removes several tax deductions currently
allowed such as those on investments in life
insurance or provident funds.
The Bill raises the wealth tax exemption limit
Highlights of the Direct Taxes Code
Flexibility.
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Consolidation of provisions.
Providing stability.
Elimination of regulatory functions.
Ensure that the law can be reflected in
a Form.
Key issues and analysis
It is not possible to assess the net impact on
government revenues of the new tax
proposals in the Code.
The Bill lowers the tax rate for those who
earn between Rs 3 lakh and Rs 25 lakh, as
compared with the Act.
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Under the Bill, companies will be charged a
minimum alternate tax on their assets, rather than
profits as is currently the case.
The Bill removes a range of tax incentives allowed
to companies under the Act, such as those for
investments in backward areas and exports, as
these could distort investment decisions.
Conclusion
"It was only for the good of his subjects
that he collected taxes from them, just
as the Sun draws moisture from the
Earth to give it back a thousand fold“
Kalidas in Raghuvansh eulogizing
KING DALIP.
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