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Low and voluntary contribution of funds to the government.

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 India Tax Payer – the beginning

India Tax Payer is an association formed for the felicity of the citizens of India in the year 2009. With a membership of 20,000 people across the nation, ITP aims for “Reduced Taxes and Better Service for the tax paid”. more..

 Order under Section 119 of the Income-tax Act, 1961

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 ('Act'). With effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link it with PAN Number for filing the tax return more..

 New Income Tax Law May Focus on Salaried Class, Says Member of New Panel:

Mukesh Patel, an Ahmadabad-based tax advocate, was also part of an earlier expert committee to simplify income tax laws. In an exclusive interview, he mentioned that the new Income Tax law is the need of the hour instead of continuous patch-up work that was being done on the old 1961 legislation. more..

 
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    After implementing GST, government moves to rework direct taxes

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    NEW DELHI: After indirect taxes, the government has now set its sights on overhauling the 56-year-old direct taxes law covering income and corporation tax as it seeks to make the Indian regime more contemporary and tailor it to current requirements.

    Senior government officials told TOI that the finance ministry was in the process of setting up a task force to write the new tax law, an attempt which was last made in 2009 when Pranab Mukherjee released the Direct Taxes Code (DTC) prepared by P Chidambaram and his team, only to significantly dilute it a few years later.

    The Bill was never legislated and the Narendra Modi government had dropped plans to rewrite the Income Tax Act as it got down to removing the clutter in indirect tax through goods and services tax (GST). But with the Prime Minister himself commenting on the outdated nature of the law during last week's Rajaswa Gyan Sangam, the annual retreat of tax officers, the finance ministry has now started a review.

    Sources said the plan is to have the draft legislation ready by the Budget before it is put out for public comments. With general elections due in 2019, the government is unlikely to move to the new regime at the start of 2019-20 financial year, but may want to complete the ground work. While it is still early days, DTC had originally proposed to do away with several tax exemptions, including those available on provident fund and public provident fund at the time of withdrawal.

    Proposing an exemption of up to Rs 3 lakh, it had suggested that the peak rate of 30 per cent tax apply to those with income above Rs 25 lakh, while those earning Rs 10-25 lakh were to face 20 per cent levy. The idea was to simplify the regime and increase the threshold for taxation. For companies, too, several exemptions were to be withdrawn. While tax experts are in favour of a new law, the question is timing.

    "The government should give a breather to India Inc since it is already dealing with several changes such as GST, the new Companies Act and the new accounting standards," said Sudhir Kapadia, national tax leader at Ernst & Young. Rahul Garg, who leads the direct taxpractice at pricewaterhousecoopers, said starting from a zero-based approach was essential to deal with the global alignment of tax systems as well as technological invasion.