Direct Tax Code Revised Discussion Paper issued on 15.06.10

Very nice, it is so detailsed one...... thank you sir....

Thank u sir for updating the information

A nice thing to discuss at a length.

dat means fr may 11 it will nt b applicable?

Originally posted by : sealed................
	dat means fr may 11 it will nt b applicable?

Friend, if DTC is passed and aplicable from 1st April, 2011, it will replace IT Act. It means that the provisions of DTC will be applicable,

However, in DTC itself many times reference to the present IT Act is given for the benefits or provisons existing in IT. So, definitely IT will prevail but only for the references mentioned in DTC.

o god,,,,,,,,,,,,,,,

Originally posted by : sealed................
	o god,,,,,,,,,,,,,,,

What Happen..........

Really nyce 2 know al dese points of the DTC discussion paper.

Mr. Rahul, referring to ur 15th point, if the donor is nt allowed dedction of donation, hw wl any1 be motivated 2 donate ??? I mean, most of the assessees donate money so dt they gt sm tax relief .

Originally posted by : Parnika Swarup
	Really nyce 2 know al dese points of the DTC discussion paper. Mr. Rahul, referring to ur 15th point, if the donor is nt allowed dedction of donation, hw wl any1 be motivated 2 donate ??? I mean, most of the assessees donate money so dt they gt sm tax relief .

 Agree with you Parnika. But there are some assesees who do donate for reasons beyond the point of view of deduction like, companies pay in order to show their involvement in social activities, some donors pay out of religious beliefs etc.

The idea here is, not to give benefit to the donor, but to give relief to such trusts and institutions by way of exempting their income from tax liabilities.

Originally posted by : Parnika Swarup
	Really nyce 2 know al dese points of the DTC discussion paper. Mr. Rahul, referring to ur 15th point, if the donor is nt allowed dedction of donation, hw wl any1 be motivated 2 donate ??? I mean, most of the assessees donate money so dt they gt sm tax relief .

 Agree with you Parnika. But there are some assesees who do donate for reasons beyond the point of view of deduction like, companies pay in order to show their involvement in social activities, some donors pay out of religious beliefs etc.

The idea here is, not to give benefit to the donor, but to give relief to such trusts and institutions by way of exempting their income from tax liabilities.

Hello Friends,

Thanks a lot to all of you for the responses and questions in this forum.

There is an article, published today providing a brief summar on the provision, Issues, Concerns and their responses on the Revised Discussion Paper on DTC. Have a look on it and provide yoour feedback and suggestions.

/articles/dtc-revised-discussion-paper-issues-concerns-responses-5940.asp

Regards

Rahul Gupta

There was point related to slabs. In the revised discussion paper they have mentioned that slabs will be disclosed later as the changes which took place has reduced the estimated revenue of the Govt.

Many provisions in the DTC are similar to the provisions in the Act so it wont be too difficult to understand DTC.

Originally posted by : Shudhanshu Agrawal
	There was point related to slabs. In the revised discussion paper they have mentioned that slabs will be disclosed later as the changes which took place has reduced the estimated revenue of the Govt.   Many provisions in the DTC are similar to the provisions in the Act so it wont be too difficult to understand DTC.

Agreed with You Mr. Sudhanshu. For professional people who have read Income tax Act or so, it won't be too much difficlut, but think from the point of view of a layman. There are people who don't even know what is FY & AY. For them , it may be a nightmare.

Thanks for your valuable suggestion