[T.S.R:14545] Revised discussion paper on the Draft Direct Taxes Code

 

Hi,

We refer to the Draft Direct Taxes Code ('DTC') released by the Central Board of Direct Taxes earlier in August 2009.  The DTC is proposed to replace the current income-tax law in India.  Post public discussion in the past few months, the CBDT has released the revised discussion paper on the draft DTC a while back.  Attached is a copy of the same for your reference.  

The areas covered in this discussion draft are as follows:

1. Minimum Alternate Tax
2. Tax treatment of saving (relevant for individuals and HUFs)
3. Taxation of income from employment - particularly on retirement benefits and perquisites
4. Taxation from income from house property
5. Taxation on capital gains
6. Taxation of non-profit organisations
7. Special Economic Zone - Taxation of existing units
8. Concept of residence in case of foreign companies
9. Applicability of tax treaties versus domestic tax law
10. Wealth tax
11. General Anti Avoidance Rule