New Delhi:
The Direct Tax Code, a new Income Tax Invoice aimed at simplifying compliance with individual taxpayers, will be introduced separate On Saturday morning, sources told NDTV.
There were reports that the new fiscal code, or DTC, would be read with budgetary discourse.
Talking about a new direct tax code arose when Mrs. Sitharaman presented the total budget 2024/25 in July; Then he had said that the objective was to make the current laws of the income tax simpler to read and understand, and reduce the number of Pages of the 1961 TI Law by an amazing 60 percent.
The law of 1961, which deals with the imposition of direct taxes, that is, the personal and corporate tax, as well as those of the transactions of securities, donations and wealth, has 23 chapters and 298 sections.
It is also expected to calculate the amount of the tax and the presentation of easier statements and, among the greatest probable changes, it will also discard the concept of the financial year (for the fiscal year) the accounting year (Ay).
There is also talk of a fixed tax of 15 percent on dividends won.
The sources then said that the new revised law was introduced in the next budget session of the Parliament, that is, that on Friday begins with the presentation of the annual economic survey.
Before Mrs. Sitharaman had announced the review of the IT law, the CBDT or the Central Board of Direct Taxes established an internal committee to supervise the review; This included establishing 22 specialized subcommittees to evaluate several aspects of the old law.
In addition, in October, the center invited members of the public, including interested parties and experts on topics, to offer their views and recommendations. For January, about 7,000 were received.
With contributions from agencies
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