PIB Press Release

From: Subject: PIB Press Release Date: Mon, 19 Oct 2009 16:04:48 +0530 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01CA50D5.E1DCF1D0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2180 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01CA50D5.E1DCF1D0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.pib.nic.in/release/rel_print_page1.asp?relid=53098 PIB Press Release

Press Information Bureau =
Government of=20 India

Friday, October 09, = 2009
	Ministry of=20 Finance
	CRITICAL AREAS = ON DTC FOR=20 DETAILED EXAMINATION IDENTIFIED: FM
	13:19 IST

	Finance = Minister has=20 announced that the Government has identified seven critical areas = on the=20 Direct Taxes Code for further detailed examination. At an = interactive=20 session with representatives of trade and industry from all over = the=20 country, here today, Shri Pranab Mukherjee said that the areas = identified=20 after interactions with all stakeholders are: The concept of = Minimum=20 Alternative Tax (MAT) based on gross assets; Capital Gains = Taxation in the=20 case of non-residents; The Income Tax Act and the Double Taxation=20 Avoidance Agreement (DTAA); General Anti-Avoidance Rule (GAAR); = Issues=20 relating to effective management control and taxation of foreign = companies=20 in India; Taxation of charitable organizations; and Shift from EEE = to EET=20 taxation system. On the apprehensions expressed regarding = the time=20 schedule for implementation of the new Direct Taxes Code, the = Finance=20 Minister assured that next steps would be taken only after a = comprehensive=20 review of the draft Direct Taxes Code by taking on board the = suggestions=20 received. Every effort would be made to meet the aspirations and=20 expectations of our taxpayers and our vibrant corporate sector.=20 Shri Mukherjee said that it has been the endeavour of the=20 government to incorporate the best practices prevailing across the = globe=20 and to use innovative methods for attaining equity=97vertical and=20 horizontal, ensure growth with sustainability, create stable = fiscal=20 eco-system and have well regulated free markets. The new Direct = Tax system=20 would also take into account established and time tested practices = which=20 have withstood judicial scrutiny. He said, =93We want to present = the=20 stakeholders with a tax regime which is simple and broad based = leading to=20 lowering of tax rates, better tax compliance and reduced = litigation.=94=20 The Finance Minister said that it has been two months = since the=20 proposed draft direct tax code was released for public debate and = he was=20 moved by the amount of interest and intellectual debate it has = generated=20 amongst various sections of taxpayers, tax professionals and = general=20 public. We are receiving thoughtful feedbacks on our website and = through=20 other means=97trade and industry associations, professional bodies = and=20 others, he added. Shri Mukherjee said that he has kept his = promise=20 by putting the draft code in public domain within 45 days and he = would=20 like to expedite to give it a final shape. While thanking the = industry and=20 trade associations for enthusiastically participating in today=92s = deliberations, Shri Mukherjee said that he looks forward to their=20 suggestions in making the new Direct Taxes Code an effective = instrument=20 for meeting the economic challenges and development priorities of = the=20 country. The outcome of the discussions would be used for = modifying the=20 proposals contained in the draft Direct Taxes Code, the Minister = said.=20 Minister of State for Finance, Shri S.S. Palanimanickam, = Revenue=20 Secretary, Shri P.V. Bhide and senior officers of the Finance = Ministry=20 were also present at the interactive session. ***** BSC/BY/GN-349/09**

------=_NextPart_000_0000_01CA50D5.E1DCF1D0 Content-Type: text/css; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.pib.nic.in/includes/pib.css .link1 { FONT-WEIGHT: normal; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: = Arial, Helvetica, sans-serif; TEXT-DECORATION: none } A { FONT-WEIGHT: bold; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Arial, = Helvetica, sans-serif; TEXT-DECORATION: none } .photo { FONT-WEIGHT: normal; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: = Arial, Helvetica, sans-serif; TEXT-DECORATION: none } .rel { FONT-WEIGHT: normal; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: = Arial, Helvetica, sans-serif; TEXT-DECORATION: none } .head { FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #6b3ad2; FONT-FAMILY: Arial, = Helvetica, sans-serif; TEXT-DECORATION: none } hlink { FONT-WEIGHT: normal; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: = DVW-TTYogeshEN } .hlink { FONT-WEIGHT: bold; FONT-SIZE: 16px; COLOR: #000000; FONT-FAMILY: = DVW-TTYogeshEN } .hlinksmall { FONT-SIZE: 12px; COLOR: #000000; FONT-FAMILY: DVW-TTYogeshEN } .hcontent { FONT-WEIGHT: normal; FONT-SIZE: 16px; COLOR: #000000; FONT-FAMILY: = DVW-TTYogeshEN } .hsplink { FONT-WEIGHT: bold; FONT-SIZE: 16px; COLOR: #990000; FONT-FAMILY: = DVW-TTYogeshEN; TEXT-DECORATION: blink } .hrel { FONT-WEIGHT: normal; FONT-SIZE: 16px; COLOR: #000000; FONT-FAMILY: = DVW-TTYogeshEN } .hhead { FONT-WEIGHT: bold; FONT-SIZE: 20px; COLOR: #6b3ad2; FONT-FAMILY: = DVW-TTYogeshEN } .hmin { FONT-WEIGHT: bold; FONT-SIZE: 20px; COLOR: #ffffff; FONT-FAMILY: = DVW-TTYogeshEN } ------=_NextPart_000_0000_01CA50D5.E1DCF1D0--