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
Voluntary settlement norms being considered; charitable trust may face heat
It is imperative the new law does not compromise on the 3Cs of a tax regime - certainty, clarity, and consistency
Most of the overhaul will focus on tax administration
In a country like India, a tax on wealth is imperative for equity
While experts pitch for simpler compliance, they are divided on the need for a new law