Why India need Direct Tax Code?

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

[sanjaymukherjee]

Sir what's the holding period of ULIP as capital asset?

[Jaishreeram-ztvs]

Sir Assessee hi apna kudka tax file karega to Tax consultant kya karenge

[tjtechnicalguru]

Sir
i have one question plz guide me...

For example, there is a woman in whose name there was a property, but she made a will of that property and she passed away,

but now when her son is getting registration done on that property, the department raises objection of uploaded a noc...
Can you please tell me, what kind of reply i am giving to department,
Also Can a NOC be made from a dead person?

[JayantBhanushali]

Sir DTC me capital gain tax removal ho jayega aisa lag raha hai to capital pe huva gain kase taxed hoga ?

[ankitwalkthrough]

bhai sb bta dia bs ek chiz nhi btai tax payer specially jo corporate wale hai unko kuch benefits milenge ya tax kam hogi ki ni

[prodiptadatta]

Once they bring in the new act or code, the assessees should also get ready for innumerable changes by way of notifications just like in the case of GST. May God have mercy on the professionals.

[PradeepKumar-szxb]

Sir direct tax code mai CMA ko tax audit power mil skti hai ky?
please reply

[nikunj]

I m planning for dec 25 attempt for cma inter taxation, kindly suggest whether to ho ahead with fin act 2024

[SantoshKumar-mxwx]

Will there be any complete change in the existing provisions of income tax act ?

[TheUditNarayan]

"It's a government tactic to present it as simplification, but they might combine income from all sources, including capital gains, and tax it based on the income slabs, which can go up to 30%. This could be devastating for stock market investors. We retail investors are so much afraid"

[anahcusproductions]

Good news for CMA professional and aspirant

[PRana-fj]

To Jo advance tax pay Kiya hai 2025-26 assesment year ka. Uska kya hoga?

[coolomesh]

For a moment I thought that Axar patel has left cricket and started taxation as his profession...
Resembles to axar patel.

[aniruddhaladole]

"Sir, please remember to upload videos of the Tax Audit."

[.aniketchoudhary]

Sir, when you come with details Tax audit video?

[navjiwankumar]

Jab sab log YouTube se Sikh kar saal me ek baar bhari Jani wali khud ITR bharenge toh notice aana chahiye 😂 tabhi client Ca /Advocate/ Accountant ki pass jayaga jiske pass long year ka experience hai

[akshaygawade]

.4-5 saal nahi aayega kya direct tax code ?

[seetharamg]

There is no one to explain this in English

[ap]

GST late vakta bola gaya sab Chije gst me aaegi par ab tsk petrol disel daru gst ke bihar he !pahile ye. Sudharo aur loot band karo

[cakarthikkkandula]

Try to mention numbers in English instead of Hindi