rief of the same is provided below: In General: 1. primitively Income prize income Act and wealth tax Act (Covering Income Tax, TDS, DDT, FBT and Wealth taxes) are abolished and single code of Tax, DTC in place. 2. Concept of Assessment course and previous year is abolished. Only the Financial Year manner of speaking communication exists. 3. Only location of Non Resident and Resident of India exits. The another(prenominal) status of resident but not ordinarily resident goes away. 4. in the first place the terminology of assessee was meant for the person who is paying tax and/or, who is credible for proceed downstairs the Act. Now it has been added with 2 more definitions videlicet a person, whom the amount is refundable, and/or, who voluntarily files tax return no matter of tax liability. 1. This helps any person to file his returns and maintain the criminal record of tax return filing. 5. No changes in the system of conjure up Tax, ego Assessment Tax and also TDS. Amendment of TDS goes in downslope with sooner Notification 31/2009 which speaks of Form 17/UTN/ etcetera 2. In TDS, a new return, if found required, will be introduced for Non TDS payments. 6. Government assessee is cover in Direct Tax Code. evening though they ar not liable for Income Tax / Wealth Tax, Government Assessees ar required to Comply with provision of TDS and TCS.
(Current sour was not cover with Government Assessees) reinvigorated Tax judge:Â (For Ordinary stock of income) Slab| Income Between| Tax rate| 1| 0 - 1.60 Lakhs| 0%| 2| 1.60 Lakhs toÂ 10 Lakhs| 10%| 3| 10 Lakhs to 2! 5 Lakhs| 20%| 4| Above 25 Lakhs| 30%| 1. For Female, trice slab begins from 1.90 Lakhs and for Senior citizen it begins from 2.40 Lakhs 2. Companies tax rate changed from 30% toÂ 25%. New due dates for Tax Returns: Sl No| causa| Date| maiden filing (under DTC)| 1| Non-Business / Non-Corporate| 30th June| 30/06/2012| 2| Others| thirty-first August| 31/08/2012| Â Tax incentives: 1. Earlier terms Deductions under Chapter VI...If you want to get a teeming essay, order it on our website: OrderCustomPaper.com
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