Quick Summary
The central government is yet to decide whether to introduce a new Direct Taxes Code or revamp the existing income tax law, stated Revenue Secretary Sanjay Malhotra at a recent post-Budget conference organized by Assocham in the Capital. He emphasized that both options are on the table, with the primary goal of simplifying the law for better readability. "Whether it will be a completely new Code or whether the existing Income Tax Act will be revised, both options are open. The purpose will be
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FAQ :
The government is conducting a comprehensive review of the Income Tax Act, considering both the introduction of a new Direct Tax Code and the revision of the existing law.
The main goal is to simplify the law, making it more concise, lucid, and easier to read and understand, thereby reducing disputes and litigation.
The review process is proposed to be completed within six months.
Yes, the review process will involve consultations with stakeholders.
The rationalisation of capital gains tax was presented as a simplification exercise, not a revenue augmentation effort, with the expectation that some tax rates might increase and others decrease.
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