Indian Income Tax - Direct tax code
The Direct Tax Code or DTC bill was passed in Parliament last month, to implemented effective April 1 2012. Some of the finer print that was highlighted as a future ‘bribe’ enhancer:
· Indian nationals travelling out of the country, need to travel only after they procure an IT Clearance Certificate (to ensure that there are no dues and you are not trying to flee)
· Foreign airlines, operating out of India, are liable for prosecution in India if they allow passengers to travel without a valid IT clearance certificate
· IT cases are generally dealt by a IT Tribunal, where the tribunal result is binding and non reversible. Appeal is allowed to a higher authority similar to HC or supreme court appeals for criminal law. The new DTC allows for reversal of a IT Tribunal decision by the IT department at any point in the future, based on new interpretations of the same law.
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