Table of Contents

1. Preface 01
2. Rates of Tax 02
3. Residence and Scope of Total Income 04
4. Personal Taxation 05
5. Corporate Taxation 07
6. Capital Gains 09
7. Business Reorganizations 09
8. International Taxation 10
9. Non-Profit Organizations 13
10. Withholding Taxes 13
11. Miscellaneous Provisions 14
12. Compliance Procedures 15
13. Wealth-Tax 16

Abbreviations
BR - Business Reorganization
CIT - Commissioner of Income-tax
COS - Companies
DDT - Dividend Distribution Tax
DTC - Direct Taxes Code, 2009
IFRS - International Financial Reporting Standards
ITA - Income-tax Act, 1961
LLP - Limited Liability Partnerships
M & A - Merger & Acquisitions
PPE - Property, Plant & Equipment
 Preface
The Finance Minister Mr. Pranab Mukherjee has honoured
his commitment of releasing the New Direct Taxes Code,
2009 for comments and recommendations within 45 days
from the date of presentation of Union Budget, 2009 in
the Parliament. The draft of the New Direct Taxes Code
alongwith Discussion Paper is now available in public
domain. The Code is proposed to be made applicable from
1st April, 2011. We welcome this initiative taken by the
Finance Minister.

The declared thrust of the Code is on improvement

of the efficiency and equity of our tax system by
eliminating distortions in the tax structure, introducing
moderate levels of taxation and expanding the tax base.
The attempt is to simplify the language to enable better
understanding; and remove ambiguity to foster voluntary
compliance and reduce unnecessary litigation. The new
Code is designed to provide stability in our tax regime
as it is based on well accepted principle of taxation and
best accepted international practices. It will eventually
pave the way for single unified taxpayer reporting system.
It will meet the aspirations of young and professionally
mobile population.

We are in the process of sending our comments and

suggestions to the appropriate authorities. Meanwhile, we
have pleasure in placing this small booklet in the hands of
our clients and well wishers with a request to participate in
this great initiative taken by the Government and give their
feedback to us by email on [email protected]

BDO Haribhakti.
Tax Advisory Services
1st September, 2009

1
Rates of Tax
• For Individuals:
Existing Rates
Income Slab (INR) Tax Rate
Upto 1,60,000* NIL
1,60,000* – 3,00,000 10%
3,00,000 – 5,00,000 20%
Above 5,00,000 30%

Rates as per proposed Direct Tax Code

Income Slab (INR) Tax Rate
Upto 1,60,000* NIL
1,60,000* – 10,00,000 10%
10,00,000 – 25,00,000 20%
Above 25,00,000 30%

[*Basic exemption for resident women to be INR 190,000 and for

senior citizens INR 240,000]

• For Assesses Other than ‘Individuals’ &

‘Companies’:
Type of Assessee Slabs Existing Proposed
For Co-operative Rs. 0 to
10% 10%
societies Rs. 10,000
Rs. 10,000 to
20% 20%
Rs. 20,000
Rs. 20,000
30% 30%
and above
For Non profit
NIL 15%
organizations
For Local Authorities 30% 30%
For Other Societies 30% 30%

Every Unincorporated
entity (includes
30% 30%
partnership firms and
LLPs)

2
For companies
Category Existing rates As per DTC
Income-tax
(Domestic 30 25
Cos.)
Income-tax 40 25
(Foreign Cos.)
Surcharge
(Domestic 10% NIL
Cos.)
Surcharge 2.5% NIL
(Foreign Cos.)
Education 3% NIL
Cess (Both)
Levied at 15 percent Tax on gross
of the adjusted book assets
profit in the case of introduced as
those companies under:
where income-tax
Minimum (a) 0.25% of gross
payable on the
Alternate Tax assets for Banking
taxable income Cos.
under normal (b) 2% of gross
provisions of the Act assets for other
is less than 15% of Cos.
adjusted book profit.
Dividend
Distribution 15% 15%
Tax
Branch
Profits Tax NIL 15%
(Foreign Cos.)
1% on Net-wealth
Wealth-tax exceeding Rs.15 NIL
Lakhs

Note
As at present, dividends subjected to DDT will be exempt in
the hands of recipients.

3
Residence and Scope of Total Income
Residential Status of Individuals
An individual is resident of India in any financial year, if he
is in India for:
(a) 182 days or more; or
(b) (i) 60 days or more in that year; and
(ii) 365 days or more in preceding 4 years.
Non-Resident Individual on becoming Resident is proposed
to be taxed only on Indian sourced income for initial two
years, if he qualifies as a non-resident in nine financial years
preceding the year in which he becomes a resident.
Residence test for Corporates
A company is considered to be a resident in India in any
financial year, if it is an Indian Company, or its place of
control and management of its affairs, at any time during
the year, is situated wholly, or partly, in India. The word
‘partly’ is newly added by the DTC and unless removed in
the final DTC Act, the change may create problems for non-
resident cos.
Residence test for Other Assessees
Every other person shall be resident in India in any financial
year, if the place of control and management of its affairs,
at any time during the financial year, is situated wholly or
partly in India.
Scope of Total Income
For residents:
All income derived from whatever source which accrues/
is deemed to accrue in/outside India or which is received/
deemed to be received in/outside India.
For Non residents:
All income derived from whatever source which accrues/
is deemed to accrue in India in the financial year, or is
received/deemed to be received in India in the financial
year.
The income shall be deemed to accrue in India, whether
directly or ‘indirectly’, through or from:-
(a) a business connection in India;
(b) a property in India;
4
(c) an asset or source of income in India; or
(d) the transfer, directly or ‘indirectly’, of a capital asset
situated in India.
Use of word ‘indirectly’ has far reaching impact and transfer
of asset outside India could become taxable in India under
the DTC.

Personal Taxation
Income from employment
• Income from employment shall be gross salary less
permitted deductions
• Gross salary shall be amount paid or due (including
arrears or advance) in the Financial Year.
• Permitted deductions:
• Profession tax
• Transport allowance
• Payment in relation to Voluntary Retirement Scheme/
Gratuity/Commuted Pension deductible from
employment income if invested with permitted savings
intermediaries.
• Existing exemptions such as house rent allowance,
leave travel concession, leave encashment, tax on non
monetary perquisites borne by the employer, mdedical
reimbursements, etc. are proposed to be deleted.

Income from House Property

• Income from house property owned by two or
more persons having definite shares shall be
computedseparately for each person
• If a person has more than one house, he has the option
to select one as self occupied property. Other house/s, if
not actually let out, will be deemed to be let out and will
be taxed accordingly.
• Gross Rent proposed to be calculated as higher of
contractual rent or at a presumptive rate of 6 (six) percent
of rateable value/construction cost/acquisition cost.
• Deduction of interest on housing loan on self occupied
property is proposed to be withdrawn. Interest on let out

5
 property shall be deductible.
• Deduction for repairs and maintenance is proposed to be
reduced to 20% of the Gross Rent as against 30% earlier.
• Service tax on lease rental shall be deductible on payment
basis.

Exempt-Exempt-Tax (EET) regime for savings

scheme
• All long-term retirement savings schemes are proposed
to be moved to the EET regime.
• Contributions (both by employee and employer) of
upto INR 3 lakhs to any account with permitted savings
intermediaries are proposed to be deductible.
• Accretion of income till withdrawal is proposed to be
exempt.
• Withdrawals from accumulated balances held in
employees provident fund account as on 31st March,
2011 and accretions thereon; will not be taxable.
• Savings transferred from one scheme to another will not
be treated as a withdrawal.
• Permitted savings intermediaries to include approved
provident and superannuation funds, life insurer and
New Pension System Trust.

6
Corporate Taxation
Computation of Income as per Income-Expense
Model
Business Income to be calculated as under:

Gross earnings XXX

Less:
Operating expenditure XXX
Permitted finance charges XXX
Capital Allowances XXX XXX
Taxable Income from business XXX
• Income from each business should be computed
separately. Eventually, income from each business will be
aggregated to work out the total income from business.
Gains on sale of Business Assets will be distinguished
from Investment assets. Further Business Assets to be
divided between: Business Trading Assets and Business
Capital Assets. Gains on sale of investment assets will be
taxable under the head ‘Income from Capital Gains’ and
gains on sale of business assets will be taxable under the
head ‘Income from Business or Profession’.

Gross earnings
Ambit of business income has been widened to cover:
• Profit on sale of business capital assets (fixed assets),
undertaking under a slump sale and consideration with
respect to transfer of any self-generated business asset.
• The reduction, remission or cessation of any liability by
way of loan, deposit, advance or trade credit.
• Security deposit on lease of more than 12 years is
proposed to be considered as income and, hence,
taxable.
Operating expenditure
• Operating expenditure includes specified expenditure laid
out and incurred wholly and exclusively for the purpose
of business.
• Operating expenditure does not include:
1. Personal expenses.
2. Capital expenses.

7
 3. Dividend declared or distributed.
• Allowability of expenditure on actual payment basis
in case of statutory liability, bonus, commission, leave
encashment, gratuity, contribution to provident fund,
etc. continued.

Permitted Finance charges:

• Besides normal interest charges, finance charges also
include proportionate amount of discount or premium
payable on bond or debenture to be computed in
prescribed manner.
• Amount of incidental finance charges for issue of
debentures, bonds or share capital are not allowable as
finance charges.

Capital Allowances
• Capital allowances consist of :
1. Depreciation/Accelerated depreciation.
2. Terminal allowance is deductible in case all the assets
in the block cease to exist.
3. Scientific research and development allowance.
150% Weighted deduction for in-house scientific R & D
expenditure extended to all industries.
Tax Incentives
• E
 xisting profit linked tax incentives in IT Act are to be
grandfathered.
• DTC substitutes profit-linked incentives with a new
scheme wherein any capital expenditure incurred for
specified businesses will be allowed as a deductible
expenditure and the unabsorbed expenditure shall
be allowed to be carried forward till it is absorbed
completely.
• The new scheme will apply to specified businesses
relating to power, infrastructure facility, hospital in
specified areas, processing of fruits and vegetables, cross
country natural gas or crude or petroleum oil pipeline
network, cold chain facility, agricultural produce, mineral
or natural gas and Special Economic Zone.

8
Capital Gain
• Rate: The concept of short term and long term is
proposed to be eliminated and, hence, there will be no
preferential rate of tax or exemption on capital gain.
Hence the capital gain will be taxable at respective slab
rate applicable to the assessee.
• Indexation: Indexation benefit would be available for
assets held for more than one year and the base date for
indexation would be 1st April, 2000.
• All assets of the business are to be classified into
Business assets and Investment assets. Gains on sale of
Investment assets will be taxable under the head ‘Income
from Capital Gains’ and gains on sale of Business asset
will be taxed under the head business income ‘Income
from Business & Profession’.
• Security Transaction Tax is proposed to be abolished.
• Cost of acquisition or cost of improvement of an asset
which is not determinable, shall be considered as Nil and
capital gains to be computed accordingly.
• Capital loss to be carried forward for an indefinite
period.
• If capital is infused in a company in the form of capital
asset, the same would be treated as transfer and the
capital gain on such transfer will be taxable in the year in
which such infusion is made.
• The benefit of rollover i.e. exemption of capital gain
for reinvestment of the sale consideration or capital
gain in specified modes, will be limited to specified
circumstances.
Business Reorganization (Merger &
Acquisition)
• BR means reorganization of business of two or more
residents involving an amalgamation, demerger
and merger under a scheme sanctioned by Central
Government.
• BR will be tax neutral in the hands of shareholders.
• Definition of amalgamation to include amalgamation
of a firm, AOP, BOI into a Company and other
specified forms of re-organization. Further, Mergers of
9
 Co-operative Societies also covered in the definition of
amalgamation.
• In case of amalgamation, certain losses apart from
regular business losses will also be allowed to be carried
forward.
• In case of M&A, successor shall be eligible to claim
business loss irrespective of nature of business carried
on by predecessor.
• Losses of closely held companies will continue to lapse
on change in shareholding of 50% or more.
• Profit in case of Slump sale i.e. sale of undertaking would
form part of business income and it will not be treated
as capital gain. However, deduction to the extent of net
worth of undertaking sold shall be allowed.
International Taxation
• Foreign company to be treated as resident if its place of
control and management at any time during the year is
situated ‘wholly’ or ‘partly’ in India.
• Scope of income deemed to accrue and arise in India
widened to include income accruing from direct/indirect
transfer of capital assets situated in India, has also been
sought to be brought within the Indian tax net.
• The definition of FTS has been widened to include
development and transfer of design, drawing, plan and
software or similar services.
• Definition of Royalty has been widened to include the
consideration for use/right to use of transmission
by satellite, cable, optic fibre, ship or aircraft and live
coverage of any event.
• FTS/Royalty will be taxable in India even if services are
rendered outside India or payment for the services is
made outside India.
• Arrears of tax of non resident would be recovered from
any of his assets/recoverable; located anywhere in the
world.
• Non resident head office expenditure allowability
shall be restricted to 0.5% of total sales, turnover or
gross receipt.
10
Withholding Tax rates in case of Non-Resident
Deductees (Major Heads):

Payment in respect of Rate

Royalty or FTS 20%
Interest/dividend on which DDT has not been
20%
paid/any other investment income
Capital Gains 30%

DTAA
• Central Government shall be empowered to enter into a
tax treaty for relief from double taxation and for exchange
of information.
• Furnishing of tax residency certificate mandatory for
claiming relief under DTAA.
• Neither the DTC nor the tax treaty shall have a preferential
status and in case of a conflict between the two, the later
provision in time shall prevail.

Transfer Pricing
• The report from the Chartered Accountant, certifying
the arm’s length nature of international transaction with
associated enterprise, need to be filed by 31st August
directly with the Transfer Pricing Officer.
• Associate Enterprise(AE): The scale of the term AE has
been expanded by lowering the previous threshold
limits (TL). The chart depicting the same is provided
hereunder:

Particulars Existing TL As per DTC

Share holding > = 26% >= 10%
Loan (% of total asset) >= 51% >= 26%
More than More than
Nomination of Directors
half one-third
Purchase of raw materials and Two-Third or
90% or more
consumables more

11
• Advance Pricing Agreement (APA): In order to reduce the
litigation under transfer pricing regulation, APA has been
introduced whereby CBDT shall be granted authority for
entering into APA in respect of the arm’s length price
with the tax payer for international transactions. The
said agreement will be valid for a period upto maximum
5 consecutive financial years.
• Safe Harbour Rule (SHR): CBDT is also in process of
formulating the SHR. It will provide the circumstances in
which the tax authorities would automatically accept the
transfer price declared by the assessee.
• Penalty
Particulars Proposed (In INR)
100% to 200% of tax
TP adjustment
on such adjustment
Failure to maintain
50,000 to 200,000
documentation
Failure to furnish documentation 50,000 to 100,000

General Anti Avoidance Rules (GAAR)

• GAAR is proposed to be introduced, in order to
discourage tax avoidance.
• CIT will be empowered to invoke GAAR and to declare an
arrangement as an impermissible avoidance arrangement
if it is entered into for obtaining a tax benefit and which
lacks commercial substance.
• The arrangements covered by GAAR will include round
trip financing, thin capitalization, lifting of corporate veil,
etc.
• CIT has the power of disregarding, combining, re-
characterizing in part or whole of the impermissible
avoidance arrangement; treating parties as one and
the same person; disregarding any accommodating
party; reallocating any capital or revenue items;
re-characterizing equity into debt or vice versa, etc.
• GAAR shall override the applicable DTAA and the
direction of CIT to be binding on Assessing Officer.

12
Non Profit Organizations
• The Code has proposed a new tax regime for all trusts
and institutions carrying on charitable activities which
will be uniformly applied to all non-profit organizations
irrespective of the nature of their activities.
• Pass through status for the trust taxation to continue.
• “Charitable purpose” will be replaced by the phrase
“Permitted Welfare Activities”.
• Permitted welfare activities is proposed to be defined
to mean any activity involving relief of the poor,
advancement of education, provision of medical relief,
preservation of environment, preservation of monuments
or places or objects of artistic or historic interest and
the advancement of any other object of general public
utility.
• A non-profit organization has to compulsorily register
itself by making an application to the Chief Commissioner
or Commissioner.
• Trust registered under Religious Endowments Act to be
fully tax exempt. However, donations to such religious
trusts will be deductible in donor’s hand.

Withholding Taxes
• Withholding tax rates are given in schedules in DTC as
against independent sections given in IT Act
• Disallowance of expenditure for non-withholding of taxes
is proposed to be extended to all payments.
• Expenditure will be disallowed on account of non-
compliance of withholding tax provisions. Further,
expenditure would be allowable only if withholding tax is
paid within 2 years.
• No provision for obtaining a lower withholding tax
certificate from the Assessing Officer.
• Central Government to prescribe the framework and rules
for obtaining and granting nil withholding tax certificate.
• No benefit of self-declaration by a person for not
withholding tax from certain payments viz. interest
income, income on units of mutual funds, etc.

13
Withholding Tax Rates in case of Resident Deductees
(Major Heads):

Payment in respect of Rate

Professional Fees 10%
Royalty or non-compete fees 10%
Rent for use of plant & machinery or equipment 1%
Rent for use of land or building or land apparent
10%
to a building or furniture or fittings
Interest 10%
For contract in respect of works/service/
1%
broadcasting & telecasting/supply of labour

Miscellaneous provisions
Income from Residuary Sources
• Income which does not form part of any other head will
be taxed under this head. Following incomes shall be
taxable under this head:
• Interest income.
• Dividend income.
• Amount received on settlement or breach of contract.
• Redemption or withdrawal of any investment earlier
allowed as deduction.
• Amount exceeding Rs. 20,000 taken/repaid as loan other
than Account Payee Cheque or Draft.
• Sum received (including Bonus) under Insurance Policy
which is not a pure Life Insurance Policy.
• Gifts received (in cash or in kind) from non-relatives. The
earlier exemption of Rs. 50,000 under the Income-tax Act
is proposed to be discontinued.
• Expenses incurred specifically for earning residuary
income will be allowed as deduction.

Set-off & carry forward of losses

• Loss under the head capital gains will be ring-fenced and
shall not be set-off against income under any other head
other than capital gains.
14
• DTC proposes to allow setting-off business losses against
salary income.
• Brought forward loss under the head income from house
property will be allowed to be set-off against income
from any other head.
• Unabsorbed losses and depreciation shall be allowed to
be carried forward indefinitely.

Compliance procedures
 oncept of previous year and assessment year is replaced
C
by financial year which means a period of 12 months
starting from 1st day of April.
Concept of Income has been replaced with Tax Base.

Maintenance of Books of Account

• A person will be required to maintain his books of

account if:
• his income from business exceeds Rs. 2 lacs.
• his turnover/gross receipts exceeds Rs. 10 lacs in any
of the three preceding years.
• Income shall be computed in accordance with cash or
mercantile system of accounting.

Requirement of Tax Audit

• A person will be required to get his books of account
audited from a Chartered Accountant if
• Gross receipts from profession exceeds Rs. 10 lacs.
• Turnover of business exceeds Rs. 40 lacs.

Due Date of filing Income-tax Returns/Return of Tax

Base

For Non-Business & Non-

30th June
Corporate Taxpayers
For Other Assessees 31st Aug

• The above dates will be same for Return of Net Wealth.

• Belated/Revised returns can be filed within 21 months
from the end of the Financial Year as stipulated.

15
Due Date for payment of advance-tax
Every assessee will be required to pay advance-tax during
the financial year, if the amount of advance-tax payable
exceeds Rs. 10,000.
In case of companies: In case of any other person:
Date of Amt. Date of Amt.
Instalment payable Instalment payable
15th June 15% 15th September 30%
15th September 45% 15th December 60%
15th December 75% 15th March 100%
15th March 100%

Due Dates for filing TDS Returns

The due dates for filing TDS Returns will be prescribed
by the New Direct Tax Code. Due dates as per current
regulations are as follows:

Quarter ended Due Dates

30th June 15th July
30th September 15th October
31st December 15th January
31st March 15th June

Wealth tax
Exemption limit: Rs. 500 million.
Rate of tax: 0.25% of net wealth.
Liability on: Individuals, HUF and Private Discretionary
Trusts
Payable on: All assets
Exclusions:
• Assets located outside India of foreign citizens/non-
resident individuals/HUFs
• Any one house or part of a house or a plot of land
belonging to an individual or a HUF which is acquired or
constructed before 1 April, 2000.

16
Notes

17
 Notes

18
BDO Haribhakti group has taken initiative in giving
recommendations to the Finance Ministry. We invite
all readers to participate in this great initiative taken
by the Government in releasing the New Direct Tax
Code, 2009 and give their feedback by accessing
our website www.bdoharibhakti.co.in or send us
an email on [email protected]

Disclaimer: With respect to information available herein, BDO Haribhakti

Consulting Private Limited does not make any warranty, express or implied,
including the warranty of merchantability and fitness for a particular purpose, or
assume any liability or responsibility for the accuracy, completeness or usefulness
of such information. You acknowledge and agree that all proprietary rights in the
information received shall remain the property of BDO Haribhakti Consulting
Private Limited. Reproduction, redistribution and transmission of any information
contained herein is strictly prohibited. BDO Haribhakti Consulting Private Limited
shall not be liable for any claims or losses of any nature, arising indirectly or directly
from use of the data or material or otherwise howsoever arising.

19
About BDO Haribhakti
BDO Haribhakti - It is the Indian Member Firm of BDO International,
the world’s fifth largest accountancy network with more than 1095
offices in over 110 countries. BDO Haribhakti assures complete
commitment and quality business solutions.
We strive to develop and deserve our client’s trust through an
industry practice that is both dedicated to our client’s needs and
driven by expertise. BDO Haribhakti has developed and sustained
client relationships for over 5 decades. We offer a wide array of over
90 services to clients across both the country and the sector.
Our comprehensive service delivery covers all the requirements of
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India network with a strong presence in all major business centres.
We define ourselves by certain core values that drive all that we do:
• Sincerity and Integrity
• Accountability
• Building strong & sustainable relationships
• Mutual support

BDO International - The BDO story begins in 1963. Accounting

firms from the UK, Netherlands, Germany, US and Canada saw the
opportunity to combine and thus expand their knowledge base and
relative strength. The resulting Binder Seidman International Group
worked together as a network of firms until 1973, when the common
name of Binder Dijker Otte & Co was adopted. In 1988, a world wide
structure was formed and to ensure that local strength retained its
prevalence as one of the network’s underlying goals, the acronym
of BDO was agreed upon, placed before each local Member Firm’s
name. At the same time, a logo and corporate identity was created
that promoted consistency throughout the network. Since then, the
BDO network has undergone a transformation that now sees it as the
world’s fifth largest accounting network, with 1,095 offices in over
110 countries. A combined workforce of more than 44,000 people
continues to promote and extend the values and objectives foreseen
from the outset. BDO is known for client rapport and partner
accessibility, for extensive local knowledge combined with a global
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growth has continued year on year and the international network
continues to serve BDO and its clients well in changing economic and
market conditions. BDO has weathered the accountancy scandals
around the world and embraced the new regime of Sarbanes-Oxley.
BDO Member Firms use a best practice approach to methodology
and international collaboration and this, along with an unchallenged
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do this in a manner which preserves both our reputation and our
transparency to the market.

20
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