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Blog posts January 2013

Direct Tax Code

January 25, 2013

The Direct Taxes Code (DTC) is said to replace the existing Indian Income Tax Act, 1961.

Highlights of the Direct Taxes Code bill

  • Common threshold Income Tax exemption limit for men and women proposed at Rs. 2 lakh per annum (proposed), up from Rs. 1.8 lakh
  • 10 per cent tax on annual income b…

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General Anti Avoidance Rules (GAAR)

January 23, 2013

STATEMENT OF THE FINANCE MINISTER (January 14, 2013)

1. A number of countries have provided for General Anti Avoidance Rules (GAAR) in matters relating to taxation. While tax mitigation is recognized, tax avoidance is frowned upon. International literature describes tax avoidance as the legal exploit…

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2 blog posts