Draft Direct Taxes Codes Papers Revised

CBDT (Central Board of Tax Department) has issued revised discussion paper on Draft Direct Taxes Codes.  Initially the Draft DTC was issued in August 2009. Lot of valuable inputs have been received through pubic.  Now after amendment  revised draft direct taxes code papers are prepared.  The major changes in Draft DTC are as under:-

• Minimum Alternate Tax (Mat) on gross assets
• Tax treatment of Savings- Exempt Exempt Tax (EET) vis-a-vis Exempt Exempt Exempt (EEE) basis
• Status of Double Tax Avoidance Agreement vis-a-vis the Domestic law.
• The administration of the General Anti-avoidance Rule (GAAR)
• Taxation of income from House Property on a presumptive baiss.
• Tax treatment on Capital Tax and on Non-Profit organizations etc.

The response on Revised Draft Direct Taxes Code can be submitted electronically on http://finmin.nic.in and emailed at directtaxescode-rev@nic.in upto 30th June, 2010


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Revised Discussion Paper