{"id":627,"date":"2025-02-12T17:04:40","date_gmt":"2025-02-12T11:34:40","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=627"},"modified":"2025-06-26T15:55:50","modified_gmt":"2025-06-26T10:25:50","slug":"direct-tax-code","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/","title":{"rendered":"Direct Tax Code: Upcoming Major Changes in 2026"},"content":{"rendered":"\n<p>Direct Tax Code is a proposed legislation set to modernize, simplify and align India&#8217;s tax law into a single code by taking in a new era of efficient and transparent taxation.<\/p>\n\n\n\n<p>On 21st August 2024, Finance Minister Nirmala Sitharaman during the 165th year of Income Tax in India introduced the forthcoming Direct Tax Code (DTC).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/dtc-1024x538.jpg\" alt=\"\" class=\"wp-image-628\" srcset=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/dtc-1024x538.jpg 1024w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/dtc-300x158.jpg 300w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/dtc-768x403.jpg 768w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/dtc.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Its goal is to replace the existing Income Tax Act, 1961, with a more straightforward and transparent system.<\/p>\n\n\n\n<p>The New Income Tax Bill is likely to be tabled in the Lok Sabha on Thursday as announced by FM Nirmala Sitharaman during her Budget speech on February 1.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Important_Update\" >Important Update<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#CBDT_Seeks_Public_Feedback_to_Revamp_Income-tax_Act\" >CBDT Seeks Public Feedback to Revamp Income-tax Act<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Major_Changes_in_Direct_Tax_Code\" >Major Changes in Direct Tax Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Evolution_of_DTC\" >Evolution of DTC<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Year_2009\" >Year 2009<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#2010\" >2010<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#2013\" >2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#2017\" >2017<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#2024\" >2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#2025\" >2025<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Purpose\" >Purpose<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/#Difference_between_Income_Tax_Act_and_Direct_Tax_Code\" >Difference between Income Tax Act and Direct Tax Code<\/a><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_Update\"><\/span>Important Update <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CBDT_Seeks_Public_Feedback_to_Revamp_Income-tax_Act\"><\/span>CBDT Seeks Public Feedback to Revamp Income-tax Act<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Central Board of Direct Taxes has set up a committee to review the Income-tax Act to simplify the Act, reduce disputes, and enhance tax certainty.<\/p>\n\n\n\n<p>Public suggestions are invited and a dedicated webpage has been launched on the e-filing portal for submitting inputs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"628\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/09\/Public-Consultation-Opens-for-Income-tax-Act-Review.png\" alt=\"\" class=\"wp-image-843\" srcset=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/09\/Public-Consultation-Opens-for-Income-tax-Act-Review.png 827w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/09\/Public-Consultation-Opens-for-Income-tax-Act-Review-300x228.png 300w, https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/09\/Public-Consultation-Opens-for-Income-tax-Act-Review-768x583.png 768w\" sizes=\"auto, (max-width: 827px) 100vw, 827px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Major_Changes_in_Direct_Tax_Code\"><\/span>Major Changes in Direct Tax Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The DTC 2025 eliminates the concepts of assessment Year and Previous Year. From now, taxpayer will only consider the Financial Year, streamlining tax filing.<\/em><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>It will provide a simplified Residential Status. DTC removes terms like Resident but Not Ordinarily Resident (RNOR). The new system classifies taxpayers solely as resident or non residents.<\/em><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>It includes capital gains as part of normal income, which means taxpayers may face higher tax rates on capital gain.<\/em><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The five heads of income remain but some categories get renamed. Example &#8211; &#8220;Income from Salary&#8221; becomes &#8220;Employment Income&#8221; and &#8220;Income from Other Sources&#8221; becomes &#8220;Income from Residuary Sources&#8221;.<\/em><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>A common tax rate for both domestic and foreign companies to simply compliance for multinational business.<\/em><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The DTC 2025 eliminates most current deductions and exemptions, making tax filling easier and reducing loopholes.<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Evolution_of_DTC\"><\/span>Evolution of DTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The concept of DTC has been in development for over a decade:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Year_2009\"><\/span>Year 2009<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The First draft of the DTC was proposed to replace the Income Tax Act.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2010\"><\/span>2010<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A revised discussion paper was released, followed by the introduction of the Direct Tax Code Bill, 2010 in the Lok Sabha.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2013\"><\/span>2013<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The DTC was revised after considering feedback from stakeholders<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2017\"><\/span>2017<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Six member task force was established to draft new Direct Tax Law.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2024\"><\/span>2024<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The announcement of DTC&#8217;s forthcoming introduction by Finance Minister Nirmala Sitharaman.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2025\"><\/span>2025<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The DTC is expected to be introduced with Budget 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purpose\"><\/span>Purpose<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New tax law is believed to bring relief for individuals paying income tax as the slabs will be increased.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Simpler language will be used for the tax laws by making it easier.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This law aims to simplify the tax system by gradually removing multiple exemptions and deductions, making it more straightforward and transparent.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Minimize the use of content and make it shorter, which will be easier to understand.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A separate litigation unit is also recommended for processing the litigation cases.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The proposed direct tax code should have fewer sections than income tax to simplify it.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Easy Compliance by reducing the complexity of tax laws.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_between_Income_Tax_Act_and_Direct_Tax_Code\"><\/span>Difference between Income Tax Act and Direct Tax Code<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Nature<\/strong><\/td><td><strong>Income Tax Act<\/strong><\/td><td><strong>Direct Tax Code<\/strong><\/td><\/tr><tr><td>Financial Year and Assessment Year<\/td><td>Both are applicable<\/td><td>Only Tax Year<\/td><\/tr><tr><td>Residential Status<\/td><td>Resident, Non Resident, Non Ordinarily Resident<\/td><td>Resident, Non Resident<\/td><\/tr><tr><td>Simplification<\/td><td>Proviso and explanation in very sections<\/td><td>No proviso and explanation<\/td><\/tr><tr><td>Tax Audit<\/td><td>Conducted by only Chartered Accountants<\/td><td>Can be conducted CA as defined in Section2(1)(b).<\/td><\/tr><tr><td>Tax on Distributed Income<\/td><td>Income from like LIC, mutual Fund etc are exempted<\/td><td>Taxable @ 5%<\/td><\/tr><tr><td>Tax Rate for Income above 10 Cr<\/td><td>30% + Surcharge @ 15%<\/td><td>Taxable @ 35%<\/td><\/tr><tr><td>Taxation on Dividends<\/td><td>Subject to Dividend Distribution Tax @ 15%<\/td><td>Taxed @ 15% without DDT<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><strong><span style=\"text-decoration: underline;\">Know About<\/span><\/strong><br><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/tax-year-meaning-as-per-income-tax-act-2025\/\">Tax Year Meaning As Per Income Tax Act 2025<\/a><br><a href=\"https:\/\/www.caclubindia.com\/guide\/income-tax-act-2025-clauses\/\">Income Tax Act 2025 Proposed Clauses w.e.f 1st April 2026<\/a><\/strong><br><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/angel-tax\/\">Angel Tax<\/a><\/strong><br><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/domicile-certificate\/\">Domicile Certificate<\/a><\/strong><br><strong><a href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/\">Unified Pension Scheme (UPS)<\/a><\/strong><\/figcaption><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax Code is a proposed legislation set to modernize, simplify and align India&#8217;s tax law into a single code [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Direct Tax Code: Upcoming Major Changes in 2026<\/title>\r\n<meta name=\"description\" content=\"Direct Tax Code is set to replace the existing Income Tax Act, 1961 for making tax system more straightforward and user friendly.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.caclubindia.com\/guide\/direct-tax-code\/\" \/>\r\n<meta property=\"og:locale\" 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