Direct Tax Code

Industry expects tax regime simplification in Budget: Ficci survey

Expressing concerns over muted demand in the economy, companies have called for a review of the direct tax structure

Union Budget 2025: Is the new Direct Tax Code replacing the Income Tax Act?

Budget 2025: What is Direct Tax Code and will it replace Income Tax Act?

The Direct Tax Code is expected to be introduced in Budget 2025 and implemented gradually thereafter. The government is following a consultative process to ensure smooth implementation.

Holistic new tax code needed for Viksit Bharat, say experts ahead of Budget

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

'Too radical': Centre likely to implement direct tax code in parts

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

Falling GST collections: Parliamentary panel asks Centre to address issue

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

Govt mulls more steps to boost market sentiment, may scrap DDT, rejig LTCG

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

Direct tax code panel calls for branch profit tax on foreign companies

Suggests bringing corporation tax rate on a par with domestic companies

Top 10 biz headlines: Auto sales down 23.5%, direct tax code delay & more

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

Task force recommends four far-reaching changes in Income Tax law

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

Top 10 biz headlines: Realty, exports boost this week, DDT may go & more

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

Direct Taxes Code panel for status quo on LTCG tax, STT; wants DDT to go

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

Direct Tax Code may help bring change in mindset of taxpayers, authorities

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

In the right direction

The DTC task force recommendations will reduce litigation

Top 10 biz headlines: Firms may get tax relief, fresh DHFL default & more

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

Use artificial intelligence for tax compliance: Direct tax panel

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

DTC task force likely to submit report to Nirmala Sitharaman on Monday

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

New direct tax code panel report to overhaul I-T Act delayed by 15 days

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

Parliamentary standing committee presses for early implementation of DTC

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

Direct tax code panel to curb tax lawsuits, modify faceless scrutiny

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