A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon.
Finance Minister Nirmala Sitharaman’s speech last Budget hinted at this new tax law when she said the goal was to simplify the income tax laws and cut the Income Tax Act, 1961’s page-count by as much as 60 per cent. However, contradicting reports that it may be part of the Budget announcements on February 1,
And likely to be introduced separately.
What Is Direct Tax Code? The Direct Tax Code (DTC) is a proposed reform to the Income Tax Act, 1961. It will serve as a simplified set of tax laws that will streamline and standardise the process, making it user-friendly for all taxpayers.
The DTC’s main goal is to make it easier for everyone to file their tax returns. Seeking more people to contribute to its tax revenue, the government believes easing the process may encourage their participation.
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