Direct Tax Code will replace Income Tax Act,1961

In a major move towards simplifying India's tax landscape, the Centre is set to undertake a comprehensive review of the Direct Tax Code! 🚨 Announced by Finance Minister Nirmala Sitharaman in her latest Budget, this overhaul aims to make the Income-tax Act, 1961, more concise, lucid, and easy to understand.

Highlights of the Review: 📊 Review by Internal Committee: The Centre’s internal committee will draft the new Direct Tax Code, which will then be shared for stakeholder consultation within the next six months, according to Sanjay Malhotra, Secretary Revenue, Ministry of Finance.

📝 Simplification and Clarity: The purpose is to make the Act easier to read, reducing disputes and litigation while providing more tax certainty to taxpayers. This reform could significantly lower the volume of tax cases currently tangled in litigation.

⚙️ Standard Operating Procedure for TDS Defaults: The government will also introduce SOPs for dealing with defaults in Tax Deducted at Source (TDS) and will simplify and rationalize the compounding of such offences, making compliance easier for businesses and individuals alike.

This step could transform the way taxes are handled in India, bringing much-needed clarity and fairness to the system. Watch the full video to understand what these changes mean for taxpayers, businesses, and the Indian economy.

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#DirectTaxCode #IncomeTaxAct1961 #TaxReform #Budget2024 #NirmalaSitharaman #FinTaxPro

[dineshbansal]

All the ministers salary and income must be taxed.

[AmitPatel-]

Govt be like

For poors we house and food
For Rich we exemption, exception and facilities
For middle class we have long bamboo...

Choose wisely 😁

[vipinroy]

Tax for poor ..no need to pay..for rich doesn't make difference....marna toh middle class ka

[thunkwaltz]

Agricultural income over 1Cr should be taxed. This will not affect 99% of actual farmers but prevent all non-farmers taking advantage of this loophole to save tax like big actors, politicians.

[vijaybhat]

Income tax should be abolished. 4 to 5% people can not shoulder responsibilty of 140 crore people. It is violation of fundamental rights. Direct tax should be imposed so that everyone will contribute to tax collection.

[ashpokemon]

Meanwhile CA Student: Ab to pura syllabus hi badal jayega😢😢😢

[kedarj]

Agricultural income should be taxed.. there should be no special treatment for agricultural income.. reduce the tax burden on honest tax payers

[JitendraOjhaSikhwal]

Simplify just like GST

Every month new notification, circular and income tax council meetings

[JPSingh-ysyq]

Only one objective:
Extract more from each pocket of 95% citizeñs, as smoothly as possible 😀

[antarshakti]

All GST we pay through various transactions is already a direct tax regime. Why come with additional taxes ?

[S.Kumar-]

She is the shameless FM ever seen, If she doesn't have answer to whatever you ask, she just laugh blatantly 😡

[Wealth_Wellness_Hub]

The best way to simplify income tax is "to make income tax 0 % for all & earn from corporate tax & GST, excise, cess."

[raviprajapati]

Direct khatma hi kar dena chahiye, only indirect tax .. log tax de unko pata hi nhi chale 😊😊😊

[anilkumarManiM]

Improving the amount of tax collected can only be by increasing the tax burden on normal citizens as the rich are privileged.

[shravankumar]

All amount should be taxable, no other tax on petrol etc. employees are the suffers. Agricultural land who have massive lands should be taxable, it will not effect normal farmers and will bring transparency. Politicians use the same to avoid tax on the name of agriculture land farm houses.

[GODIMEDIA-br]

Direct Tax means every one except Birds, Animal, Aquatics, Trees, Roads, Rivers, Mountains will pay 30 to 50% Tax
Nirmla ji aap JIO Hazzaro saal

[Kannada]

They will never ever simplify any tax provision instead they will complicate it further.. Just like they did in case of GST.. GST is not a simplified tax, it is a phatetic complicated tax.. 😡

[shankhasen]

Useless is DTC (direct tax code), any changes or modifications will be always against us simple middle class salaried employees. All of us will have to only suffer a lot in future years.

[esantosh]

1.Tax on Agriculture Income can be implemented similar way to PGBP after allowing all types of expenses rrlated to agriculture and setting a limit exceeding which attract tax..
Setting a reasonable Limit should be a Key such that only Farmers earning high Income should be eligible to Tax..
2. Tax on Charitable Institutions should be more specific and strict laws should be implemented so that people or Institutions like BCCI should pay high tax which are now earning Thousands of Crores but paying no Tax 🧐

The above points are my personal opinion...If anyone have another opinion you can use the comment section...🥴

[ramanvarma]

मैं पागल हूँ.... - रघुवीर यादव का एक शानदार डॉयलोग