Paper on Dtc

rief of the same is provided below:
In General:
1. primitively Income appraise income Act and Wealth tax Act (Covering Income Tax, TDS, DDT, FBT and Wealth taxes) argon abolished and single code of Tax, DTC in place.
2. Concept of Assessment grade and previous year is abolished. Only the Financial Year speech communication exists.
3. Only location of Non Resident and Resident of India exits. The other status of resident but not ordinarily resident goes away.
4. Earlier the terminology of assessee was meant for the person who is paying tax and/or, who is liable for proceed downstairs the Act. Now it has been added with 2 more definitions namely a person, whom the amount is refundable, and/or, who voluntarily files tax return irrespective of tax liability.
1. This helps any person to file his returns and maintain the record of tax return filing.
5. No changes in the system of Advance Tax, ego Assessment Tax and also TDS. Amendment of TDS goes in line with sooner Notification 31/2009 which speaks of Form 17/UTN/etc.
2. In TDS, a new return, if found required, will be introduced for Non TDS payments.
6. Government assessee is cover in Direct Tax Code. Even though they ar not liable for Income Tax / Wealth Tax, Government Assessees ar required to Comply with provision of TDS and TCS.



(Current act was not cover with Government Assessees)
reinvigorated Tax rates: (For Ordinary stock of income)
Slab| Income Between| Tax rate|
1| 0 - 1.60 Lakhs| 0%|
2| 1.60 Lakhs to 10 Lakhs| 10%|
3| 10 Lakhs to 25 Lakhs| 20%|
4| Above 25 Lakhs| 30%|
1. For Female, trice slab begins from 1.90 Lakhs and for Senior citizen it begins from 2.40 Lakhs
2. Companies tax rate changed from 30% to 25%.
New due dates for Tax Returns:
Sl No| Type| Date| maiden filing (under DTC)|
1| Non-Business / Non-Corporate| 30th June| 30/06/2012|
2| Others| thirty-first August| 31/08/2012|
 Tax incentives:
1. Earlier terms Deductions under Chapter VI...If you want to get a full essay, order it on our website: Orderessay



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