Paper on Dtc

rief of the same is provided below: In General: 1. primitively Income value income Act and riches tax Act (Covering Income Tax, TDS, DDT, FBT and Wealth taxes) atomic number 18 abolished and single code of Tax, DTC in place. 2. Concept of Assessment regularize and previous year is abolished. Only the Financial Year lyric communication exists. 3. Only location of Non Resident and Resident of India exits. The other(a) status of resident but not ordinarily resident goes away. 4. prior the terminology of assessee was meant for the person who is paying tax and/or, who is credible for proceed downstairs the Act. Now it has been added with 2 more definitions viz. a person, whom the amount is refundable, and/or, who voluntarily files tax return no matter of tax liability. 1. This helps any person to file his returns and maintain the eternalize of tax return filing. 5. No changes in the system of produce Tax, ego Assessment Tax and also TDS. Amendment of TDS goes in eminence with sooner Notification 31/2009 which speaks of Form 17/UTN/ and so on 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. point though they ar not liable for Income Tax / Wealth Tax, Government Assessees ar required to Comply with provision of TDS and TCS. (Current make believe was not cover with Government Assessees) reinvigorated Tax judge: (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| typewrite| Date| maiden filing (under DTC)| 1| Non-Business / Non-Corporate| 30th June| 30/06/2012| 2| Others| t hirty-first August| 31/08/2012|  Tax incen! tives: 1. Earlier terms Deductions under Chapter VI...If you want to get a climb essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper