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The Direct Tax Code

The FM yesterday released  much expected Direct Tax Code. This code will be a replacement for the current I-t Act 1961. And will be applicable from 2011.

I have attached the discussion paper and the code herewith.

During the code Mr. Chidambaram also mentioned the dos and donts while reading the code.

First of all he said it would be very wrong to read this code with the current I-t Act, as it is not an amendment to the same.

In his words: “There is no point looking at this with reference to the 1961 (I.T.) Act. Hours of work have gone into it preparing it… you will be doing a dis-service if you look at it from the present income tax law,” he said.

He also quoted “the best way to read the provisions of the Code would be to study the relevant chapter before going into the provisions”

Your comments on the code are most welcome.

Discussion paper on Direct Tax Code

Direct Taxes Code Bill 2009

Categories: Direct Tax Tags: , ,
    August 16, 2009 at 3:40 pm

    I suggest to charge nominal fee with ITR at the time genarating acknowledgement ie Rs 10 or 15 for processing of return that could give a significant revenue for Govt

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