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New Tax Code will come soon...What you think for that!!

Thursday, August 20, 2009 | Labels: | |

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Indian Government is going to adopt new Direct Tax Code Bill 2009  which will passed by the Parliament in the winter session, paying 10% tax on income upto Rs.10 lacs, could be a reality very soon.

This is first time Government believed tax payer than consider them as thieves. This is essential and good initiatives by Indian Government. This is most awaited demand of Indian tax payer. It seems positive on every edge.

While presenting the Union Budget 2009-10, Finance Minister Mr. Pranab Mukherjee had promised to table a new Income Tax Code within 45 days. On Wednesday, August 12, 2009, the Finance Minister along with the Home Minister (and former Finance Minister) Mr. P. Chidambaram released a draft code.
The new code aims at simplifying income tax laws, moderating income tax rates, abolishing Securities Transaction Tax and increasing deduction for savings up to Rs.3 lacs.
The new Direct Taxes Code Bill 2009 proposes to bring all direct taxes such as Income Tax, Wealth Tax and Fringe Benefit Tax under one roof. Written in easy-to-understand language to improve voluntary compliance by all tax payers by unambiguous interpretation of the tax laws.

This new is adopt new ways to collect tax. Rather than depend on fully on bureaucratic taxpayer. This new bill is trying to cover another source of Income.

What do you think about bill ? What's your expectation from this bill? Our opinion are little in population of 1 Billion. It will shape future when summation of all little opinion of all. So express your expectation positviely.  Think positively for changes. Write your comments for New Tax code.

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