Tax code 2010

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SANKARAN.G.

SANKARAN.G. (Querist)
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17 October 2009 The proposed Direct Tax code (2010)though appears to be very simple and appreciable, slowly all the exemptions will be out and for the PF at the time of retirement will be taxed. Your views on this.

Jitender

Jitender (Expert)
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17 October 2009 it will be taxed but relief for old investments will be provided & only intt will be taxed on withdrawl.

Dr. Anand Wadadekar

Dr. Anand Wadadekar (Expert)
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18 October 2009 Thanks to many analysis of the New Direct Taxes Code in various dailies and also the views of the industry experts.

I feel, as the New Direct Taxes Code is now being decoded, it is becoming evident and clear that it is not all middle class / salaried class friendly and is full of provisions benefiting the rich.
Due to this, the salaried class will be at great disadvantage and the rich class at an extended advantage. It is unlikely that this DTC will propel investments, instead will promote tax evasion.

The EET system is not suitable for Indian people, though it may be successfull or widely followed and accepted taxation regime. With no Social Security measures in place in India, taxing the investments/savings at maturity is not justified. The private sector employees which do not have easy Pensions, will be the most affected and senior citizens.

Abolition of STT will see rise in speculation, though it will see increased retail investor participation.

Thank you.

Anand Wadadekar

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