Act,Code,Law

ACT -- a formal decision, law, or the like, by a legislature, ruler, court, or other authority; decree or edict; statute; judgment, resolve, an instrument or document stating something done or transacted, to operate or function in a particular way; perform specific duties or functions CODE -- a systematically arranged collection or compendium of laws, rules, or regulations & any set of standards set forth and enforced by a local government agency for the protection of public safety, health, etc., LAW -- the principles and regulations established in a community by some authority and applicable to its people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision & any written or positive rule or collection of rules prescribed under the authority of the state or nation, as by the people in its constitution.

EXCELLENT REPLY BY OUR COLLEGUE AJAY JAIN ...........PLEASE KEEP SHARING

Dear Sirs, The FM Mr. PC says The Income Tax Code is ready and will be released alongwith the discussion paper. Today we have The Income Tax Act.Tomorrow we may have The Income Tax Code,What difference will it make? Please throw more light taking a practical example.

The much-awaited draft of the Income Tax code, which is expected to simplify and replace the existing law, is ready and will be released along with a discussion paper, according to Finance Minister P Chidambaram, but he did not put any time-frame for its release.
"The Income Tax code is ready as of yesterday. But I am not in a position to release the code because I have decided that I will release it along with a discussion paper," said Chidambaram.
The discussion paper would explain the reasons for writing the code, what are the changes between the old law and the new law and the rationale of these changes, he said.
Once the discussion paper is ready, the code would be released along with it for consultation.
The draft code will be subject to discussion for one year and introduced no earlier than two years after that.




Chidambaram said the code is not an amendment to the Income Tax Act, but was based on different assumptions for an emerging economy.


Mr. P. Chidambram said "I am not taking IT Act and amending it. I am writing a new code, based on very different assumptions, very different postulates, very different outlook to direct taxes,".

ACT -- a formal decision, law, or the like, by a legislature, ruler, court, or other authority; decree or edict; statute; judgment, resolve, an instrument or document stating something done or transacted, to operate or function in a particular way; perform specific duties or functions

CODE -- a systematically arranged collection or compendium of laws, rules, or regulations & any set of standards set forth and enforced by a local government agency for the protection of public safety, health, etc.,

LAW -- the principles and regulations established in a community by some authority and applicable to its people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision & any written or positive rule or collection of rules prescribed under the authority of the state or nation, as by the people in its constitution.

Dear Sampat and Sachin,
What difference will it make by replacing an Act by a Code.Please elaborate with a practical example.
Dear Sampat,I was unable to see the reply by Ajai Jain.

Even I would to know regarding this with a practical example...

Superb reply from the Sachin, but can u explain it with an example.

Act is law enacted by the parliament A legal code is a body of law written by a governmental body, such as a U.S. state, a Canadian Province or German Bundesland or a municipality. Whether authored or merely adopted by a municipality, it is typically, though not exclusively, enforced by the municipality, as the Authority Having Jurisdiction. Law is a system of rules usually enforced through a set of institutions. pushpendra pushpendra2 @ yahoo.com

can u elaborate w.r.t direct tax code/ finance bill/ finance act?

Tks.