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Direct Tax Code (DTC)

Why the Income Tax Act of 1961 Needs a Revamp

The Income Tax Act of 1961 has been the bedrock of India’s taxation system for over six decades. However, the complexity of the Act, coupled with numerous amendments over the years, has made it cumbersome and difficult to navigate. The review is essential for several reasons:

1.Simplicity : The Act has become overly complicated, leading to a lack of clarity for taxpayers.
2.Reducing Litigation : The complexity often leads to disputes and lengthy legal battles.
3.Global Alignment : A modern tax code will bring India closer to global best practices.
4.Ease of Compliance : A simplified tax system will make it easier for taxpayers to comply, reducing the burden on both individuals and businesses.

Evolution of the Direct Tax Code

The idea of a Direct Tax Code is not new. The Government of India has been working on this initiative for over a decade. Here’s a timeline of key events:

2009: The first draft of the DTC was proposed to replace the Income Tax Act.
2010: A revised discussion paper was released, and the Direct Tax Code Bill, 2010, was introduced in the Lok Sabha.
2013: The DTC underwent further revisions, incorporating feedback from stakeholders.
2017: A six-member task force was set up to draft a new Direct Tax Law.
2024: The announcement of the Direct Tax Code’s imminent introduction by Finance Minister Nirmala Sitharaman.
2025 : Coming up Direct Tax code with Budget 2025

What is the Direct Tax Code (DTC)?

The Direct Tax Code is a proposed legislation aimed at replacing the Income Tax Act, 1961. The DTC is designed to streamline the tax system, making it more user-friendly and efficient. Here’s how the DTC differs from the Income Tax Act of 1961:

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