"TDS RATES AS PER DIRECT TAX CODE BILL APPLICABLE WEF 01.04.2012” plus 1 more

TDS RATES AS PER DIRECT TAX CODE BILL APPLICABLE WEF 01.04.2012

Posted: 01 Sep 2010 10:36 AM PDT

1 Sr. No. Nature of Payment Rates of TDS where deductee is a resident The present rates Proposed rates under the Code 1 Salary paid to employees Rates as per the slabs and rates prescribed by the Finance Act Average rate of tax on salary paid during the financial year 2 Payment in respect of works contract 1% (where deductee is individual/HUF)...

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No exemption for LTC under Direct Tax Code

Posted: 01 Sep 2010 10:14 AM PDT

The Direct Taxes Code (DTC) bill, which was tabled in the Lok Sabha yesterday, seeks to do away with leave travel concession (LTC) from its list of exemption. "LTC was one of the popular elements given to employees by the government. Taxpayers will not be too happy, as already there aren't many benefits for them in DTC. It may also be a dampener for the travel industry, which may see less people willing to travel and holiday," Ernst & Young Tax Partner Vishal Malhotra said. DTC aims...

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