The pros and cons of Direct Taxes Code

The pros and cons of Direct Taxes Code 


The revisions have been made on the basis of the representations received from various stakeholders on the draft released in August 2009.
Importantly, even as the new version accedes to the demand to continue concessions in many areas that were originally proposed to be withdrawn, it does not propose to expand the personal income tax brackets to Rs 10 lakh (Rs 1 million) and Rs 25 lakh (Rs 2.5 million), and, thus, avoids losing a substantial tax base.

The revised draft makes a number of changes in the draft Code and in the process will have lesser scope for expanding the base.
On personal income tax, it continues the EEE regime for permitted savings on the grounds that there is no universal social security and the change would entail many administrative, logistical and technological challenges. 
The proposal to tax perquisites has been substantially pruned and, in particular, the proposal to include the market value of rent-free accommodation given by the employer has been given up. Inclusion of notional income from the owner-occupied house has also been abandoned.
The revised draft proposes to include long-term capital gains from financial securities, but take only a portion of the gains.
For non-profit organisations, it allows carry over of up to 15 per cent of their surpluses or 10 per cent of gross receipts, whichever is higher, to be used within three years. The Code proposes to grandfather area-based exemptions, but allows profit-linked exemptions to the developers in SEZs only up to the unexpired period.
On corporate taxation, the proposal to levy MAT based on the gross assets has been given up and the tax will continue to be levied on the basis of book profits.
The revised Code follows the international practice of considering companies as residents if their "place of effective management" is in India [ Images ].
It clarifies that in case of differential interpretations between the Code and the double-taxation agreement, the one which is more beneficial to taxpayers will hold, unless the anti-avoidance rule is invoked.
On wealth tax, the proposal to levy the tax on the value of unproductive assets has been abandoned and the tax will be confined to the value of productive assets.  It also clarifies that the General Anti-Avoidance Rule whenever invoked will be within the scope of the Forum of Disputes Redressal Panel.

The government must be commended for adopting the consultative approach to finalising the Code.
Besides making the reforms acceptable, the approach will make politically difficult reforms feasible over time.
As the finance minister mentioned in his 2009 Budget speech, tax reform is a process and not an event.
Therefore, even after the adoption of DTC, further simplification and rationalisation will be needed suiting to the requirement of the times. Furthermore, DTC is only a part of the reforms in the tax system.
Reforms in tax administration and information system, including induction of technology, are equally, if not more, important.

There is a larger issue of how far the government should reduce the effective tax rates.
In the Laffer curve formulation, revenue increases with the tax rate up to a point, but thereafter, increases in the rate will cause decline in revenues. There is an implicit belief in all those who argue for further reducing the rates that we continue to be on the declining part of the curve.
Thus, Surjit Bhalla, in a recent article, has argued that reduction in the effective rates of tax due to widening of the brackets proposed in DTC is very desirable, but alas, the finance minister does not intend to expand the brackets in the revised Code!

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Send Free SMS via Google SMS Channels, Google InQuotes

Google Labs India Launch Google SMS Channels & InQuotes today

Today is a big day for Google India users as Google just launched Google SMS channels and Google In Quotes. The Google SMS channels is for Indian Mobile users allows them to get updates via SMS.

It is a major announcement by Google to uproot the market players like SMSGupShup (by Webarro) which allows you to create free group SMS across India.

Google as always has went one step ahead by introducing the blog feed updates, that can now be sent to mobile phone users. All the India readers of this blog are welcomed to join Digital World SMS Channel by Google to get all updates here directly in your mobiles.

Apart from that you can also join or create MS groups for news alerts, weather updates etc. and off course do group SMS with friends too. All these services are free for both Publishers and Subscribers.

On the Other hand Google has also launched Inquotes where the computer search engine quotes famous people of India whose quotes have appeared in a publication or national daily on the keywords of your choice.
You can also create Google SMS Channels for your blogs or websites or groups at Google SMS Channels.
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FAQs: http://labs.google.co.in/smschannels/help#create_channel

Learn more about SMS Channels
For subscribers »
For channel owners »

Google Search results http://www.google.co.in/search?hl=en&q=google+sms+channels&start=0&sa=N

Google SMS Channels: Send SMS Text Messages to your Group for Free

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» Send Free Group SMS with Google SMS Channels

Digg - Google SMS Channels - In India (Google Labs)

Send free sms to friends with google sms channels

Send SMS to your Group for Free with Google SMS Channels

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19. How do I create a channel? What are the different ways to publish content to a channel?
To create a channel on the website, click the Create channel link on the right hand side on the main page.You need to specify following information to create a channel:
Name: Name of the channel.
Description: A brief description of channel in less than 100 characters.
Category: Channel category.
Location: If a channel is specific to a city, you can specify the city name.
Source (optional): You can get your channel updates from Blogger or Google Groups or Google News or RSS/Atom feeds from any supporting web site. This field is optional. You can post messages via the web front end or the phone with or without a source selection.
Blogger: Enter the blog name that you want to use as a source for channel posts/updates. For example: To get updates from the Official Google Blog ( http://googleblog.blogspot.com/ ), enter googleblog in the text box after selecting Blogger as the source.
Google Groups: Enter the Google group name that you want to use as a source for channel posts/updates.For example: To get updates from Google Maps Group (http://groups.google.com/group/Google-Maps), enter Google-Maps in the text box after selecting Google Groups as the source.
Google News: Enter one or more keywords of interest for Google News based updates for the entered keywords. For example: to get Google News based updates for keywords "global warming", enter global warming in the text box after selecting Google News as the source.
RSS/Atom feed: Enter the RSS/Atom URL address in the text box. For example: to get Google News RSS based updates, enter the RSS feed URL "http://news.google.com/?output=rss" in the text box. You can preview your channel content by clicking on the 'preview' button. The content should appear inside the image of the phone on the right.
Allow publishing by: This stores the preference around who can publish posts to the channel. By default, only the channel creator is allowed to publish to a channel. You can also select the "Any subscriber" option that permits publishing by any subscriber of the channel (not just the creator).
Who can subscribe: By default, a created channel is open for subscription by any registered user and hence is also referred to as a public channel. If you want to allow subscription to your channel only via invitations sent by you, you can select "By invitation only" option. Note: "By invitation only" channels are also referred to as private channels because they do not appear in search results. No one can join a private channel on their own.
To create a channel using phone, send the following SMS to 9870807070:
'CREATE '
For example you can create a channel for traffic information in Bangalore with the following command: CREATE TrafficBangalore traffic information for Bangalore.
This will create a "public" channel (anyone can subscribe to a public channel) with name TrafficBangalore.
You can change the properties by using the MODIFY command as below:
To make the channel "private" (only allow people to subscribe by invitation by the owner) send the following SMS to 9870807070:
'MODIFY PRI'
To make a channel "public", send the following SMS to 9870807070:
'MODIFY PUB'
To make channel publish privilege limited (only the owner can publish), send the following SMS to 9870807070:
'MODIFY PRISEND'
To allow all subscribers to publish to a channel send the following SMS to 9870807070:
'MODIFY PUBSEND'
Please note you are automatically subscribed to every channel that you create.

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Source: All web sources:

PhD-Postdoctoral-Postgraduate Courses PGIMER India

POSTGRADUATE INSTITUTE OF MEDICAL EDUCATION & RESEARCH (PGIMER), CHANDIGARH
PGI CHANDIGARH ADMISSION NOTICE 2008 for Postdoctoral/Postgraduate courses and Ph. D. programme
ADMISSION NOTICE NO. 78/2007
LAST DATE FOR RECEIPT OF APPLICATION : 29.10.2007 (upto 4.00 PM)

Applications on the prescribed form are invited for the following Postdoctoral/Postgraduate courses and Ph. D. programme for the academic session starting from 1st January, 2008. INCOMPLETE APPLICATIONS WILL NOT BE ENTERTAINED AND NO CORRESPONDENCE WILL BE MADE IN THIS REGARD.


For further, Visit : http://studentships.blogspot.com/2007/09/phd-postdoctoral-postgraduate-courses.html



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IIIT offers various PhD programmes

Applications are invited for pursuing PhD Degree in the Institute in various areas of Information Technology, Management, Information Security and Bioinformatics.

Details:~ The emoluments for JRF is Rs 12,000 per month~ In addition to this, Rs 20,000 per annum is for contingency and HRA pm as per rules. ~ Similarly there will be an enhancement of Fellowship after two years to Rs 14,000 pm and Rs 15,000 pm in 3rd and 4th years.

Eligibility:~ The applicant has attained M. Tech/MBA (IT) /MS(CLIS) Degree. How to apply:~ The applications on prescribed format available at our web site www.iiita.ac.in alongwith DD of Rs 100 in favour of IIIT, Allahabad may be sent to the undersigned by 24th October 2007.

Contact:Executive Secretary
Indian Institute of Information Technology
Deoghat Jhalwa, Allahabad-211012 (U.P.), India Ph: 0532-2922025, 2922000
Fax:0532-2430006, 2431689
Web: http://www.iiita.ac.in E-mail: contact@iiita.ac.in



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UGC NET 2007

UNIVERSITY GRANTS COMMISSION
NATIONAL EDUCATIONAL TESTING (NET) BUREAU
UGC NATIONAL ELIGIBILITY TEST FOR JUNIOR RESEARCH FELLOWSHIP AND ELIGIBILITY FOR LECTURESHIP – December, 2007


The University Grants Commission announces holding of the National Eligibility Test (NET) on 16th December, 2007 (Sunday) for determining the eligibility of Indian nationals for the Award of Junior Research Fellowships (JRF) and eligibility for Lectureship in Indian universities and colleges. UGC will conduct NET in 77 (seventy seven) subjects (listed under item no. 9) at 66 (sixty six) selected University Centres (listed under Item no. 10) spread across the country.
The result of the UGC-NET held on 24th June, 2007 and the one to be held on 16th December, 2007 will be made available on the UGC website : www.ugc.ac.in and shall also be published in the Employment News as and when it is declared. The candidates will not be individually intimated about their result.


The Candidates who qualify for the award of Junior Research Fellowship are eligible to pursue research in the subject of their post-graduation or in a related subject and are also eligible for Lectureship. The universities, institutions, IITs and other national organizations may select the JRF awardees for whole time research work in accordance with the procedure prescribed by them. The award of JRF will depend on the performance of the candidate in NET. The qualified candidates will also be eligible for Lectureship. However, the candidates qualifying exclusively for Lectureship will not be considered for award of JRF.

Candidates appearing in NET should clearly specify in the prescribed Application Form whether they are applying for both JRF & eligibility for Lectureship OR only for eligibility for Lectureship. Candidates who qualify the Test for eligibility for Lectureship will be governed by the rules and regulations for recruitment of Lecturers of the concerned universities/colleges/state governments, as the case may be.
Scheduled Caste (SC)/Scheduled Tribe (ST)/Visually Handicapped (VH)/Physically Handicapped (PH) candidates will be given such special concessions as may be decided by the Commission.


Last date for receipt of duly completed Application Forms at the respective Test Centres is 23-10-2007. Candidates should submit their Application Forms only to the Registrar of the University from where they wish to appear in the Test as indicated in item 10 below. The application must be strictly as per the prescribed format. APPLICATION SENT DIRECTLY TO THE UGC OFFICE WILL NOT BE ENTERTAINED.

For Further details, Pls visit : www.ugc.ac.in/inside/netadv/adv1207.pdf



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