| Direct Tax code will make People earning between 5-10 lakh end up pay more 
If you think the new direct tax code unveiled by finance minister Pranab Mukherjee on Wednesday will save you tax, think again. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make... | | Use of RTGS/NEFT/NECS/ECS for Credit to NRE Accounts 
RBI/2009-10/ 122 ; DPSS (CO) EPPD No..327/04.03. 02/2009-10 August 14, 2009 Compliance with FEMA Regulations and Wire Transfer Guidelines As you are aware, FEMA Regulations specify the nature of credits that are permitted to NRE accounts which,... | | Set-off & Carry Forward of losses in direct tax code: Carry forward of loss permitted only if return filed within due date 
Set-off & Carry Forward of losses [Sections 58 to 60] Income from various sources falling within any head of income shall be set-off. Income / Loss from Capital Gains can be set-off against Loss / Income from any other head of income (from... | Penalty provision in direct tax code in case there is a under reporting of tax base by the taxpayer 
The new Direct Tax Code has proposed some stringent penalty provisions in case of willful attempt to evade tax, but maximum penalty mooted will not be more than two times the amount of tax payable in respect of the amount of tax base underreported.... | | Income tax rates proposed in direct tax codes for Partnership Firm, LLP, Foreign Companies, Domestic Companies, Individual and HUF 
For Individuals and Hindu Undivided family The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year. He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs... | | Proposal related to wealth Tax in Direct Tax code |
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