Direct Taxes Code (DTC) Bill, 2010
The proposed Direct Taxes Code (2010) aims to consolidate and integrate all the direct taxes laws and replace both the Income Tax Act, 1961 and the Wealth Tax Act, 1957 by a single legislation – the Direct Taxes Code. Some of the main objectives of introducing Direct Taxes Code are stated to be to simplify the tax system, minimise litigation, broaden the tax base and eliminate exemptions. This note compares specific points of the proposal of the Bill and the specific concerns that they raise.
