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  • ashok
  • Joined:25-11-2010
  • Posts:5
  • Location:coimbatore
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Posted: 19-01-2011

FINANCE BILL, 2010

PROVISIONS RELATING TO DIRECT TAXES

Introduction

1.The provisions of the Finance Bill, 2010 relating to direct taxes seek to amend the Income-tax Act, inter alia, in order to,-
(i) lower the tax burden on individual taxpayers by widening the tax slabs;
(ii) allow small companies to convert into Limited Liability Partnerships without attracting capital gains tax liability;
(iii) reduce the compliance burden on small business enterprises by raising the turnover limits beyond which audit is
compulsory;
(iv) promote investment in Research and Development (R&D) to enhance the competitive ability of the economy.
(v) encourage savings for funding infrastructure by providing a tax deduction on investment in long-term infrastructure
bonds; and
(vi) simplify and rationalize the provisions relating to Tax Deduction at Source (TDS).

2. The Finance Bill, 2010 seeks to prescribe the rates of income-tax on incomes liable to tax for the assessment year 2010-11; the rates at which tax will be deductible at source during the financial year 2010-11 from interest (including interest on securities), winnings from lotteries or crossword puzzles, winnings from horse races, card games and other categories of income liable to deduction or collection of tax at source under the Income-tax Act; rates for computation of
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