ARTICLES

• The Direct Taxes Code Bill, 2010 - Key Highlights (By RSM Astute Consulting)  

The Direct Taxes Code, 2010 ("DTC") Bill has been presented on 30 August 2010 in Lok Sabha. It would be effective from 1 April 2012 as against 1 April 2011 as intended earlier. The DTC is replacement of the present Income Tax Act, 1961 (‘IT Act’) and the Wealth Tax Act, 1957 (‘WT Act’) and seeks to consolidate both the Acts. The present IT Act, is about 50 years old and it was high time to replace it in view of innumerable amendments to it over a period of time. The primary thrust of DTC is on certainty and continuity. This is evident from the marginal liberalization of tax rates, continuation of MAT on book profits instead of assets based tax, continuation of EEE system of taxation for specified savings. Continuation of exemption of long term capital gains and retaining Dividends Distribution Tax at 15%. It has chosen the path of stable ... 

• Prevention of Money Laundering Act, 2002–An overview

Money laundering is a cross border activity and it has impacts on economic and political stability of a country. It is usually carried out in an international context so that criminal origin of the funds can be very easily disguised and shown as legitimate money is some other territory where the law on money laundering is not very strict. Indian Parliament has enacted prevention of Money Laundering Act, 2002 to give effect to the resolution of the United States. But still the Act has not been implemented in spirit.