Brace yourselves — Direct Taxes Code revisions announced yet again

Further to its tax reform initiatives, the government of India is in the process of revising, simplifying and consolidating the structure of direct tax laws in India by proposing the Direct Taxes Code (DTC).

As a precursor, a draft DTC Bill along with a discussion paper was first put in place in 2009 inviting public comments. The DTC Bill, upon enactment, will be a substitute for the Income Tax Act 1961 and the Wealth Tax Act 1957.

Based on the feedback received from various stakeholders, the DTC Bill 2010 was introduced in the Indian Parliament in August 2010. Subsequently, the Standing Committee on Finance had reviewed the DTC Bill 2010 and provided its recommendations…

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