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Government to tweak Income Tax Act, won’t replace it with Direct Tax Code


Government to tweak Income Tax Act, won’t replace it with Direct Tax Code

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Government to tweak Income Tax Act, won’t replace it with Direct Tax Code

 

The government is unlikely to replace the Income Tax Act with the Direct Tax Code, may only incorporate select suggestions from the draft direct tax law to avoid creating more uncertainty for businesses and professionals.

 

Some suggestions in the draft legislation, submitted to Finance Minister Nirmala Sitharaman on 19 August, will find their way into the Income Tax Act, 1961 through amendments in the next budget session of Parliament.

 

This will make the law modern and capable of dealing with new business models by incorporating global best practices without creating any uncertainty among businesses, the person said on condition of anonymity.

 

The idea of replacing the close to six-decade-old law is less appealing to the government now as this would involve unsettling well-established jurisprudence, which could create uncertainty for businesses that are grappling with a deep economic downturn. The finance ministry has not made public the report of the expert panel.

 

There are big relief provided for middle class Know Income Tax Slab rates as per Direct Tax Code. Big relief proposed for individuals. However DTC to put as new act will create more confusion and raise compliance cost of business.

 

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