Draft Direct Tax Code to be submitted to govt, placed in public domain soon

A government panel is expected to submit a draft direct tax code to the government soon, after which it will be examined by the Centre’s top leadership, and then placed in public domain for feedback before being passed as law.

Business Standard has learnt from informed sources that while the draft direct tax code (DTC) will contain proposed changes in tax brackets and rates, most of the overhaul will focus on tax administration.

“There will be two parts to DTC. The tax changes in DTC will require parliamentary approval, but there will also be changes in the structure of tax