New delhi:
The Direct Tax Code – A New Income Tax Bill Meant to Simplife Compliance for individual taxpayers – Itharaman on Saturday morning, sources have told ndtv.
There Had been reports the new tax code, or DTC, would be read out with the budget speech.
Talk of a new direct tax code emerged when ms sitharaman presented the full 2024/25 budget in July; Then she had said the goal was to make current income tax laws simpler to read and undersrstand, and reduce the number of pages of pages of the it act of 1961 by a staggering 60 per cent.
The 1961 Act – which deals with imposition of direct taxes, IE, Personal and Corporate Tax, as Well as that those on securities transactions, gifts, and wealth – have 23 chaps and 298 sections.
It is also expected to calculating tax Amount and filing returns and, am
It is further expected that Income from Mutual Funds and from Investments in the Life Insurance Corporation of India, or LIC, will be taxed at five percent per cent. Both are exempted as of now.
There is also talk of a flat 15 per cent tax on dividends earned.
Sources then Had Said The New Revised Law Child be Introduced in the Next Budget Session of Parliament, IE, Whoch Begins Friday with the Tableing of the Annual Economic Survey.
Before ms sitharaman had announced the overhaul of the its act, the CBDT, or Central Board of Direct Taxes Set Up An Internal Committee to oversee the review; This include Establishing 22 Specialized Sub-Committees to Evaluate Various Aspects of the old law.
Also, in October the center invited members of the public, including stakeholders and subject experts, to offer their views and recommendations. By January, some 7,000 was received.
With input from agencies
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