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Search Results for: DTC

Definition Of NRI As Per Direct Tax Code (DTC)

Direct Tax Code (DTC) will bring many changes in the existing tax structure of India which will impact many. Non Resident Indian’s (NRI’s) comes under the scope who will be significantly get impacted with the implementation of DTC. Definition Of Resident Indian As Per Income Tax Act, 1961 According to the Income Tax Act 1961, a person qualifies as a …

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IRDA : DTC Should Allow Low Cover Insurance Policies To Be Eligible For Tax Deduction

Insurance Regulatory and Development Authority (IRDA), the regulator of insurance industry of India. IRDA has requested government of India to make alteration in the provision of Direct Tax Code (DTC) which says insurance policies with low insurance cover will not be eligible for tax deduction. As per the latest draft of DTC, insurance policies which offers life cover of less …

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Check How DTC Will Take Away The Tax Exemptions Available Under Income Tax Act 1961 On Small Saving Funds

Government of India have recently raised the interest rates on small saving schemes to align to the other schemes available in the market. This reform have been made to maintain the interest of investors under these schemes. The small saving schemes includes PPF, NSC, Post Office scheme and MIS are government schemes, where investors get tax concession on there investment. …

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DTC : Direct Tax Code

The DTC is direct tax code, it  is said to replace the existing Income Tax Act, 1961. The Government had announced its intention to introduce a revised and simplified Income tax Bill. If approved, the DTC shall come into force from April 1, 2012, and shall be applicable for the financial year 2012-13. The new tax code would be a vast …

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