Tax Reform Act
Nehru
Posted: May 25 2007, 11:37 AM


Noted MP


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Posts: 261
Member No.: 19
Joined: 11-February 07



QUOTE

Tax (Reform) Act

An Act to introduce direct taxation reforms

BE it enacted by Parliament of the Republic of India as follows:

Section 1: Direct Taxation

1. Banking Cash Transaction (Tax) Act, 2005 shall be repealed.

2. Inheritances Tax and the Wealth Tax shall be combined to create a single Inheritance and Wealth Tax on:
i. Unproductive Assets above Rs.10 million as defined by the Wealth Tax Act.
ii. Inheritances above Rs.10 million.

3. Income from Dividends, Interest Income and Income from Capital Gains shall be taxable at a single rate as Capital Income Tax.

Section 2: Corporation Tax

1. Accelerated Depreciation shall be abolished. Depreciation shall be allowed at the actual rate of depreciation of capital goods.

2. Corporation Tax shall be levied in three slabs:
i. A Lower Band of Corporation Tax for corporate income within Rs.1 million.
ii. A Normal Rate of Corporation Tax for corporate income between Rs.1 million and Rs.100 million.
iii. Top Rate of Corporation Tax for the following categories:
a. Corporate income above Rs.100 million.
b. The total income of foreign corporations not incorporated in India in which majority ownership is not with Indian nationals.


Section 3: Enactment

1. This act shall come into effect on 1st April, 2008.

2. The rates of taxation shall be set in the Finance Act.
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Sir Tyler Singh
Posted: May 25 2007, 11:43 AM


Noted MP
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Group: Indian National Congress
Posts: 226
Member No.: 35
Joined: 4-May 07



Aye


--------------------
Rt.Hon.Sir Tyler Manmohan Singh MP
Prime Minister of India
Minister for Education and Health
Minister for the Home Department
Member of Indian National Congress
Member of Parliament for Assam
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Rakesh Patel
Posted: May 25 2007, 04:18 PM


Candidate MP
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Group: Indian National Congress
Posts: 43
Member No.: 38
Joined: 20-May 07



Aye
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Martijn van Nijnanten
Posted: May 28 2007, 01:38 AM


Mohandas Prakharti, MP
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Group: Indian National Congress
Posts: 135
Member No.: 31
Joined: 3-April 07



Aye


--------------------
The Right Honourable Mohandas Prakharti, MP
Deputy Prime Minister of India
Minister of External Affairs and Defence

Chief Whip and Vice-President of the Indian National Congress
Indian National Congress
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