The New Direct Tax Code which was said to be introduced
from the financial year, 2012-13 replacing the five decade old
Income tax Act,1961 has the objective to make the Indian tax
structure straightforward. The Income Tax Act 1961 has become
very complex and virtually unintelligible to the common man
by virtue of a complicated structure, numerous amendments,
frequent policy changes and a multitude of judgments that gave
varying interpretations to already undecipherable provisions. This
complexity has not only increased the cost of compliance for the
average tax payer, but also made it costly for the administration
to collect tax. For the replacement of Income Tax 1961, the
new Direct Tax Code which is completely new gives moderate
relief to tax payers, reduce unnecessary exemptions and improve
compliance for improving collections. The tax payers themselves
can compute and file Income Tax Returns without the help of
experts. This paper highlights the overview of the Direct Taxes
Code in a nutshell.
Real Time Impact Factor:
Pending
Author Name: Dr. Kamal Pant, Ashish Arya
URL: View PDF
Keywords: Assessee, Income Tax Act, Direct Tax Code
ISSN: ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)
EISSN:
EOI/DOI:
Add Citation
Views: 1