Who raises such points in the parliament? What is the purpose served writing
as response to a Taxman retired sir?Gopalakrishnan
On Tuesday, 12 November, 2024 at 11:30:41 am IST, Markendeya Yeddanapudi
<[email protected]> wrote:
We never find even mention of the fake income-Inclusion of interest on bank
deposits into the taxable income without deduction for inflation which must
include the depreciation of capital value also.We must be allowed to actually
avail deduction from the taxable income as the inflation cuts the interest and
also the principal.YM
On Tue, Nov 12, 2024 at 8:46 AM Rajaram Krishnamurthy <[email protected]>
wrote:
Major Changes inDirect Tax Code 2025
Removal of Assessment and Previous Year Concepts:
The code removes the terms “Assessment Year” and “PreviousYear”.
Only the term- “Financial Year”will be applicable for tax filing.
Capital Gains Tax Changes: Capitalgains will be taxed as regular income.
Short-term gains onfinancial assets will be taxed at 20% (up from 15%), while
long-term gains willbe taxed at 12.5% (down from 20%).
Simplified Residential Status: Taxpayers will beclassified as either residents
or non-residents, eliminating the RNOR (Resident but Not OrdinarilyResident)
category.
New Income CategoryNames: “Income from Salary” is now called “Employment
Income,” and “Income fromOther Sources” is renamed “Income from Residuary
Sources.”
Expanded Tax Audit Roles: Company Secretaries (CS) andCost and Management
Accountants (CMA) may now be allowed to conduct tax audits,which was previously
limited to Chartered Accountants (CAs), making tax auditsmore accessible.
Unified Company Tax Rates: Both domestic and foreigncompanies will now pay the
same tax rate, making compliance easier andencouraging foreign investment.
TDS and TCS on MostIncome: Under the new tax system, Tax Deducted at Source
(TDS) and TaxCollected at Source (TCS) will apply to nearly all types of
income. Thisensures taxes are paid more regularly. The TDS rate for many
payments will dropfrom 5% to 2%. For e-commerce operators, the TDS rate will
significantlydecrease from 1% to 0.1%, offering relief to taxpayers and
simplifyingcompliance for e-commerce businesses.
Fewer Deductions and Exemptions: Most deductions andexemptions will be removed,
streamlining tax filing.
However, the standard deduction for salariedemployees in the new tax regime has
increased to ₹75,000, a 50% rise.
https://taxconcept.net/income-tax/big-changes-in-new-direct-tax-code-2025/
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1 Byeliminating asst year, the income assessable in future is eliminated/
NO.Even if said year, financial year is exhoed.
2 Capital gains is notassessable as itt is that inflation value equivalent to
the real value alone isrecd; as in capital nAture, had to be exempted. But by
making CG asregularincome¸in future, even any capital receipt could be taxed.
For example,investments received back may also be taxed, tantamounting to
double andrepetitive transactional taxation.
3 Employmentincome is a term where employment mustbe defined clearly since
salary is inferred but in employment even other sourcereceipts by employment
nature will get only 75000 std ded and expensesdeductions could be avoided,
4 Income from others is apart from all above;residuary might tax even women
rare gifts as income.
5 if CS& CMA CAN BECOME Cas THEN CAN CA COULD BE CS, CMAs?
6 Will the government remove Depreciation development rebatesin various models
also? Many secs 80 deductions favouring the industry?
KRajaram IRS 12 11 24
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