Direct Tax Code to Replace Income Tax Act in April 2011
In Budget 2010-11 speech, the finance minister said that he will be introducing major reforms on direct and indirect taxes in the form of Goods and Services Tax and Direct Taxes Code from April 1, 2011.
“I am confident that the government will be in a position to implement DTC from April 1, 2011. . . It will be my earnest endeavour to implement GST along with DTC from April 1e, 2011,” Finance Minister Pranab Mukherjee said in his Budget speech.
While Direct Tax Code will replace the age old Income Tax Act, GST will replace most indirect taxes at central and states levels like service tax, excise duty, VAT, cesses, surcharges and local levies.
Related posts:
- Income Tax Budget 2010, Income Tax Slabs Budget 2010
- Budget 2010 Price Rise: Goods Whose Prices Will Rise
- No PAN, Then Pay More Tax
- Budget 2010-2011 Snapshot, Pranab Mukherjee 2010-11 Budget proposal
- Opposition React Badly to Budget 2010, Opposition Walks Out
- Direct Loans Servicing
- Purpose Code for Paypal Withdrawals, IEC No Need
- Paypal Purpose Code List: Find Your Purpose Code
- Lalit Modi in Tax Trouble: Offices Raided
- Gmail April Fool Plan, Google Makes April Fool Work
Tags:
Posted by Starwin on 26th February, 2010
Comments
