Thursday, 3 April 2014

Direct Taxes Code News in Hindi

Taxes are financial charges by government necessary for revenue collection and budgeting for national programs and actions. They are either directly or indirectly imposed for the benefit of citizens or jurisdictions upon which they are levied. But sometimes they become eyebrow raisers for the salaried and earning members of any working class. They are meant to raise revenue through which government can avail services and goods to the general public. They are also often times a source for heartburn and ill feeling for working class and salaried employees as they interpreted taking away purchasing power without significant results or proof of benefit in return. 

The government of India through its finance ministry proposes new direct taxes code that will highly target the high net worth individuals while retaining the tax levels for other classes. There are significant highlights to this new proposed amendment to the more than half a century tax law.

Significant Highlights of Proposed Direct Tax Code
-Higher direct tax for high Net worth Individuals
-High direct tax levy of 35% on Individuals and the Hindu undivided family with annual taxable income above Rs 10 crore
-Additional tax burden on dividend income above Rs 1 crore at 10%
-High dividend distribution tax to be pegged at 15% as stipulated in the income tax act and direct tax bill 2010

No comments:

Post a Comment