Direct Tax Code

There is a need for a holistic new Tax Code with a focus on lower rates, widening base, improved collections and compliance for a Vikshit Bharat, experts said ahead of Budget. A new philosophy of keeping it FLAT, with Fewer and lower tax rates, Litigation reduction, an All-inclusive wider tax base, and Tax collection without withholding it, is urgently needed to increase net tax revenues while energising the economy and realising the vision of a Vikshit Bharat by 2047, they said. Budget 2025-26 is expected to be tabled in Parliament on February 1. "It is certainly not a good situation that we have so many tax rates under GST. Ideally, GST should be one tax rate, but in our country, it is not possible to have one tax rate," former chairman Central Board of Indirect Taxes and Customs P C Jha said. Three tax slabs can be considered (5 per cent, 16 per cent and 28 per cent) and 12 per cent and 18 per cent can be merged into a single rate of 16 per cent, he said while participating in a

The new income tax regime is modelled on the task force's recommendations

The Centre has paid Rs 45,745 crore as compensation to states for their revenue loss under GST for the first four months of the current financial year

Officials believe DDT is acting as a hindrance to the inflow of foreign investment in the country; govt has been discussing the matter with regulators

Suggests bringing corporation tax rate on a par with domestic companies

From PV sales declining for the 10th straight month to chances that the govt is unlikely to replace the Income Tax Act with the direct tax code, here are the top business headlines for Tuesday

Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined

From govt readying a package to help boost exports and real estate to the Direct Taxes Code panel recommending abolishing of dividend distribution tax, here are the top business headlines on Wednesday

Suggests rejig of 20% and 30% slabs of personal income tax

The Direct Tax Code may help initiate the much-needed change in the mindset of taxpayers and authorities, say experts

The DTC task force recommendations will reduce litigation

From DTC task force recommending slashing of corporate tax to 25% for domestic and foreign firms to DHFL defaulting on financial repayment obligations, here are the top business headlines for Tuesday

The panel has also proposed to introduce collaborative compliance in direct tax administration

The government last month expanded the scope of the task force to look into five more areas

This is the second extension for the taskforce under the CBDT member Akhilesh Ranjan

The reforms in direct taxes are still pending and are not in tandem with reforms in indirect taxes such as goods and services tax

CBDT expands terms of reference; CEA made part of the panel

The Direct Tax Code is expected to contain a single legislation and replace frameworks like the Income Tax Act, Wealth Tax Act.

While the govt has widened the tax base and provided substantial relief to MSMEs, its U-turn on DTC means the code will not be implemented before the next govt comes to power

This suggestion was given when the task force for re-writing direct tax legislation met Finance Minister Arun Jaitley on Wednesday, a day ahead of the scheduled submission of the DTC draft report