What is Direct Tax Code (DTC)?

Posted by Pijush Roy
There is going to be some really big changes in Taxation laws if “Direct Tax Code” comes in place of Income Tax Act 1961. It is expected to pass this bill in monsoon session of 2010 and Direct Tax Code is expected to enforce from 1st April, 2011. It eliminates the old Income Tax Laws & new tax law comes in force. But some problem, It is not enforced from 1st April, 2011. It may be enforced from 1st April, 2012.
Finance Minister Mr. Pranab Mukherjee explains that the aim is to eliminate distortions in the tax structure, introduce moderate levels of taxation, expand the tax base, improve tax compliance, and simplify the language and lower tax litigations.
New features are:-
Single Code for direct taxes
Use of simple language
Reducing the scope for litigation
Flexibility
Ensure that the law can be reflected in a Form
Consolidation of provisions
Elimination of regulatory functions
Providing stability

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Pijush Roy, Founder & Author of "Share Your Knowledge", is a young freelance blogger, a reader, a painter, .....read more


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