Income tax departments released the revised draft direct tax code today. The draft DTC along with the Discussion Paper was released in August, 2009 for public comments.
The response from various stakeholders has been overwhelming and a number of valuable inputs have been received. CBDT has released the revised Discussion Paper on the draft Direct Taxes Code (DTC), which is being placed in the public domain to seek responses on the modified proposals. The major issues which have been addressed relate to Minimum Alternate Tax (MAT) on gross assets, tax treatment of savings – Exempt Exempt Tax (EET) vis-a-vis Exempt Exempt Exempt (EEE) basis, status of Double Tax Avoidance Agreements vis-a-vis the domestic law, the administration of the General Anti-avoidance Rule (GAAR), taxation of income from house property on a presumptive basis, tax treatment of capital gains and tax treatment of non-profit organizations, etc. The response on the revised Discussion Paper may be submitted electronically on the website ‘Download Discussion paper.
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