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For details, see Taxmann's Master Guide to Income-tax Act. 2. For effective date for the applicability of the Act in the State of Sikkim. Choose Acts: . Section - 5A. Apportionment of income between spouses governed by Portuguese Civil Code Income deemed to accrue or arise in India . [Percentage of Government grant for considering university, hospital etc. as substantially financed by the Government for the purposes of clause (23C) of section.
An initiative to bring the reform especially in direct taxation Statutes began half a decade earlier Direct Tax Code but the merry-go-around temperament is still not making its enactment possible.
Political scenario and proclamations, as initiated by the UPA regime, the Direct Taxes Code Bill sought to usher in a new income tax code for the country. And the saying has become inevitable to be exercised with human efforts to save lives on the earth.
Besides scientific innovations done for improvising the living and to make it easy going, there is also a need to bring reforms in governance. Victory on nature is not possible and utmost can be done is to combat with it.
But to carry an obsolete statute, indicates sluggishness and no love to lives. Especially the statute which is mobilizing money in a nation needs a fast track reform without any deferment.
DTC The Direct Taxes Code DTC is an endeavor by the Government of India, since half a decade, to overhaul, consolidate and to bring lucidity in the language and structure of direct tax laws in India into a single legislation. To replace the five-decade-old Income-tax Act, , the major law and also an allied statute Wealth Tax Act the attempt has been initiated. A draft DTC along with a discussion paper was first released on 12 August , for public comments.
Based on feedback from various stakeholders, the Government released a Revised Discussion Paper RDP on 15 June addressing 11 of the major identified issues.
The Revised Discussion Paper was also available for public comments for a brief period up to 30 June Since then there have been recommendations from various stakeholders, as well as the Standing Committee on Finance SCF specifically formed for the purpose.
But due to political unwillingness to endorse it has already prolonged its enactment. As a follow-up on this initiative and as stated by the Finance Minister, Mr. DTC proposes to overcome lacunae prevailing in present legislation and to stop tax evasion.
Evading taxes would be tougher as the new code proposes to take away the powers from any tax authority to waive penalty.
The government has tightened a provision in the revised DTC Bill that will make it tougher even for overseas companies to avoid paying taxes in India on transactions where underlying assets are located in the country.
Indian Politics also need to become the same, righteous and chivalrous and to come joined-hand for expedite the enactment proceedings of the Code Radhadiya, Pant K. According to them the new code has become inevitable to get uploaded and at the same time to repealed the old one. The existing statute is carrying numerous lacunae as a result somewhere it is adversely hitting the benefits of the tax-payers and on the other side providing unnecessary reliefs.
Also the ambiguity regarding submission of details and the payment procedure which has made payment of income tax tough will also get removed with the introduction of the DTC. The Authors have contended in favor of the upcoming statute. Singh P. In his analysis the author has made certain remarkable notes with his commentary as what the changes will result into. Besides literal changes remarkable the change in the Residential Status criterion will somewhere will adversely affect an individual and HUF, as the sub-category of a Not-Ordinary Residence is removed.
Also, the scope to exercise Best Judgment Assessment is going to expand roughly. Now even on non-compliance of a return will make an assessing officer to exercise it. Provisions of Set-off of losses are proposed to get stringed. In nutshell the author has highlighted and contended that though the change is must required but the change will make the statute somewhat more brutal. As the observation noted in the article, the revised provisions in DTC in comparison with the provisions under DTC are largely either aligned with the International Taxation Law provisions or are a response to the recommendations of the Standing Committee on Finance SCF.
The present research paper has been prepared with an objective to highlight the changes, proposed to be brought in direct tax laws, the phases the change is going on and its impact on person, nation and the economy. Outlining all the objectives of the present research as follows: Main Objectives: To identify adverse factors in the prevailing statute remarkable lacunae.
To highlight remarkable provisions of the Proposed Code. Ancillary Objectives: To draw commentary on the Comparative Study of the prevailing and proposed statutes. To identify remarkable remedies to lacunae, prevailing in the old statute.
To make recommendations in order to bring out operational and financial efficiencies. Following are the brief details describing the coverage of the study: For www. To have a personal interaction with people and that to make out a comparison of one of the unfriendly laws would have been ridiculous and irresolute.
Therefore the scope of having primary data is not much in such kind of study. Thus the study has based purely on uncontested literatures like the Act and the Code.
The methodology opted for the study is ex-post facto and to have a comparative study it has been found that findings noted for happenings are convenient and most suitable if secondary data are opted. Also this kind of research is based on a scientific and analytical examination of dependent and independent variables Saravanvel, The purpose of research is to disclose new concepts to redefine existing concepts through the application of scientific procedures.
The basic objective of Research is to find out the hidden truth, which has not been discovered as yet. It is actually a voyage of discovery Kothari, Young defines research as a scientific undertaking which, by means of logical and systematic techniques aims to: Discover new facts or verify and test old facts, 2.
Analyses their sequences, interrelationships and casual explanations, 3. Develop new scientific tools, concepts and theories, which would facilitate reliable and valid study of human behavior. In the present research article, prevailing facts were taken as for initiating a comparative study and for the purpose, statutory literatures, regulations and related statutes were used besides going through some of research commentaries relating with the subject.
Also to identify related provisions proposed under the new statute as the remedial provisions for all lacunae. For this a comparative study has been done, commentaries have been drawn and recommendations have been added to each. As the nature of ex-post facto research methodology suggests that performances are taken in the way as they are and examined separately or wholly their impact on the explained variables.
Also the inferences about relations among variables are made, without direct intervention. Therefore for this research article Ex-post facto research methodology has been adopted. Also for the comparative study of respective provisions a descriptive coverage has been opted, commentaries and recommendations have been drawn.
For drawing commentaries and making appropriate interpretation of statutes, statistical applications are least appropriate. Ex-post facto research methodology is systematic empirical inquiry in which the researcher does not have direct control of independent variables because their manifestation has already occurred or because they are inherently not manipulative. Inferences about relations among variables are made, without direct intervention, from concomitant variation of independent and dependent variables.
This kind of research is based on a scientific and analytical examination of dependent and independent variables Saravanavel, Taxes in India can broadly be classified into direct and indirect. Direct Tax includes Income tax and Wealth tax.
The most significant of direct taxes is income tax. The levy of income tax is governed by the Income-Tax Act, The Act got enacted by the Parliament in the twelfth year of the republic of India as 43 rd statute of However, its commencement was done w.
Stupendous Size: Tedious Updating cum Fictitious Amendment Practice: The statute is more than five decades old and since its birth; it has accommodated the recommendations and confusions of various law makers. It is said to be an obsolete law until get updated and amended periodically. The Act undergoes changes every year with additions and deletions brought out through a Finance Act passed by the Parliament.
But then to overhauling of the Act has never been done. In other words amendment to a statute is said to be fictitious if every year it need to get loaded with new provisions.
This has made it a law which is hard to read; perplex to understand and difficult to interpret.
The court rulings, notifications, circulars have fuelled the jigsaw puzzle. The result is a galaxy of perpetual controversies. While there is an honest attempt to rectify some of the anomalies in the law, these were only the tip of an ice-berg. Inclusive Coverage: Lacks Four Corners Rule Though, income has been classified exclusively as under, making its coverage exhaustive but still the definition carries an ambiguity. Residential Status vs. Incidence of tax on the income depends on residential status of an assessee.
Under the Act, citizenship is considered to be a narrower term.
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This creates a possibility where a foreigner may get his income charged in India and a citizen of India not being liable to pay, depending upon their residential status. Besides this, Double Taxation Avoidance Agreement DTAA provisions are there consisting of couple of sections for proving double taxation relief to residents through credits under the Act and under the tax treaties.
But having treaties with the rest of world and that to with each country is not possible. Starting , the Government introduced the concept of eligible dividends.
So what would the investor actually keep?
India[ edit ] In India, earlier dividends were taxed in the hands of the recipient as any other income. However, since 1 June , all domestic companies were liable to pay a dividend distribution tax on the profits distributed as dividends resulting in a smaller net dividend to the recipients. However, dividends from open-ended equity oriented funds distributed between 1 April to 31 March were not taxed.
This fueled negative sentiments in the Indian stock markets causing stock prices to go down. Hence the dividends received from domestic companies and mutual funds since 1 April were again made non-taxable at the hands of the recipients. The taxation rate for mutual funds was originally However the budget for — proposes to remove the double taxation for the specific case of dividends received by a domestic holding company with no parent company from a subsidiary that is in turn distributed to its shareholders.
Currently, In the relationship between shareholders and creditors, the main principle of the commercial law is that the rights of company creditors should take precedence over those of shareholders who have limited liability to the property of the company.
Stockholders always want to receive more money, but from the firm point of view, if they allocate too much money, the reduction of equity capital could lead to the failure of the company. That's why government regulates the possible amount of dividends. Other countries[ edit ] Australia, like New Zealand, has a dividend imputation system, which entitles shareholders to claim a tax credit for the franking credits attached to dividends, being a share of the corporate tax paid by the corporation.
In effect, when distributed as dividends, the profits of a corporation are taxed at the average of the shareholders' marginal tax rates; otherwise they are taxed at the corporate tax rate. In Brazil, dividends are tax-exempt.
Government in wanted to reduce double taxation on corporates income, but this did not pass in the end. Since a new law was conducted in However, effective tax rates are That's because corporate earnings have already been taxed, which means that dividends are taxed twice.
Effectually there is a tax of In Hong Kong, there is no dividend tax. In Iran there are no taxes on dividends, according to article A person not liable to tax can reclaim it at the end of year, while a person liable to a higher rate of tax must declare it and pay the difference. In the Netherlands there's a tax of 1. However a "shelter deduction" is applied to the dividend income to compensate for the lost interest income. The size of the shelter deduction is based on the interest rate on short term government bonds and was 1.Bharat Bijlee Ltd.
Exposure draft of revised guidance note on Sch. Each sub-section is a short sentence intended to convey only one point.
Traditionally, the taxing statute has also been used as a regulatory tool. DIT W. Scattered provisions of same nature have been rearranged and consolidated in the present code. For drawing commentaries and making appropriate interpretation of statutes, statistical applications are least appropriate. Best view in x Get started!
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