FINANCE MINISTER INTRODUCES NEW DRAFT DIRECT TAX CODE.
The Finance minister on 13th August released the draft Direct Tax Code. The new Direct Tax Code will replace the 5 decade old Income tax Act-1961. It is slated to be operational from F. Y. 2011-12, post approval from the Parliament. The draft proposes to bring all direct tax laws under one umbrella, while bringing in major policy changes regarding corporate taxation, non resident taxation, SEZ exemption, EET method of taxation, Individual taxation and more.
A copy of the draft is attached for you reference.
CORPORATES CAN NOW PAY STAMP DUTY ONLINE.
Effective September 12, stamp duty for various procedures including Memorandum of Association, Article of Association (or incorporation of a company) and increase in share capital, can be deposited electronically via MCA 21. This
is an e-governance initiative of the corporate affairs ministry, which involves modernization and computerization of the operations.
At present, stamp duty is paid to the Registrar of Companies (RoC) manually, which takes a lot of time and increases paper work for the ministry too. However, with e-stamps, efficiency would increase and nearly 100 per cent
companies would be able to get incorporation done on the same day.
The Finance minister on 13th August released the draft Direct Tax Code. The new Direct Tax Code will replace the 5 decade old Income tax Act-1961. It is slated to be operational from F. Y. 2011-12, post approval from the Parliament. The draft proposes to bring all direct tax laws under one umbrella, while bringing in major policy changes regarding corporate taxation, non resident taxation, SEZ exemption, EET method of taxation, Individual taxation and more.
A copy of the draft is attached for you reference.
CORPORATES CAN NOW PAY STAMP DUTY ONLINE.
Effective September 12, stamp duty for various procedures including Memorandum of Association, Article of Association (or incorporation of a company) and increase in share capital, can be deposited electronically via MCA 21. This
is an e-governance initiative of the corporate affairs ministry, which involves modernization and computerization of the operations.
At present, stamp duty is paid to the Registrar of Companies (RoC) manually, which takes a lot of time and increases paper work for the ministry too. However, with e-stamps, efficiency would increase and nearly 100 per cent
companies would be able to get incorporation done on the same day.
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