View quick summary With the Winter Session of Parliament about to conclude, it has raised a question mark on the timely enforcement of the DTC. The DTC was tabled in the Lok Sabha in August 2010 with the objective to simplify tax rules and broaden the tax base. It is to supersede the current Income Tax Act, 1961.
The DTC already missed its first deadline of April 2011 with the government wanting to give time to industries to get accustomed to the upcoming system. Looking at the current inhibitions, it may miss the April 2012 deadline too.
As a last minute “fix-it” response, the Finance Ministry has rolled up its sleeves to identify those DTC provisions that cannot wait for another year. It is believed that some International Taxation measures such as the Controlled Foreign Corporation and the General Anti-Avoidance Rules may be picked up.
The Finance Ministry considers announcing some DTC provisions in the Budget 2012-13. All hope is not lost.

View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but ...
When shifting jobs, the new employer assumes that you didn't earn any income in the previous months. Tax liability will be calculated according to ...
When shifting to a new company, the PF account under the previous company can be transferred to the new company. This way, the PF amount ...
Be it school fees, medical insurance, etc., only the member making payment can avail the tax benefits offered. Both the spouses cannot claim the same ...
Owning a vacant second home can attract wealth tax. The tax will be charged on the notional rental income of the property, keeping the market ...
- NGOs receive shocks from tax notices
- Tax evasion checklist: Taking benefit of basic exemption limit twice in a year
- Tax evasion checklist: Withdrawing PF within five years of joining a company
- Tax evasion checklist: Both spouses claiming tax benefit on same expenses
- Tax evasion checklist: Not paying wealth tax on second house
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