( Ms. Shishma Kushwaha
( ( Dr. M.K. Gupta
The new Direct tax code is going to replace the existing income tax act of 1961 in India. It is expected to be passes in the monsoon session of 2010 and is expected to be enforced from 1st April 2011. It will completely overhaul the existing tax proposals for not only individuals but also for corporate houses and foreign residents. Tax rates and slabs have been modified. It proposes a significant increase in the tax rates and slabs for persona income tax and the tax deduction limit available on savings from Rs. 1 lakh at present to Rs. 3 lakh. It has also proposed to reduce the corporate tax rate from 33% (including surcharge) to 25% which will benefit various sectors in the economy. Retail industry is also one of the industries which are going to be affected by the new direct tax code with the change in disposal income with the individual and change in corporate tax. In the given research paper, researcher has found that the Direct Tax Code will have a positive impact on the retail industry as it would help the Indian Retail Industry to face the challenges likewise to get more investment and better infrastructure but at some point it will be neutral so the net effect will be the positive one for the Indian Retail Industry .
(Lecturer, JIMS, New Delhi(Affiliated to Guru Gobind Singh Indraprastha University, New Delhi) & Ph.D research scholar, Pt. J.L.N. Govt. P.G. College, Department of Commerce, Faridabad, Haryana, India. (Affiliated to Maharishi Dayanand University, Rohtak, Haryana, India. E-mail: firstname.lastname@example.org
((Associate Professor in Commerce, P.G. Department of Commerce, Govt. P.G. College, Faridabad. E-mail: email@example.com
Direct Tax Code and Retail Industry
Introduction to New Direct Tax code:
The new direct tax code is said to replace the existing Income tax act of 1961 in India and expected to be passed in the...