Direct Tax Code 2011 : New Revised Draft Direct Tax Code Released by Finance Minister
Direct Tax Code 2011 or New Revised Draft Direct Tax Code Released by Finance Minister Shri Pranab Mukherjee. This new draft direct tax code, which is a document containing changes in Exemptions, Tax slab. This will be a big change to four decades old Income Tax Act.
The Central Government presented a landmark draft for a Direct Tax Code 2011 or New Revised Draft Direct Tax Code. The draft is expected to revolutionize the existing taxation system in India, by changing corporate as well as personal income tax calculation and planning Structures.
According to the discussion paper on the new Direct Tax Code for 2011, “The indicative tax slabs and tax rates and monetary limits for exemption and deductions proposed in the direct tax code will be calibrated while finalizing the legislation”.
The first version of the draft of the new tax code was released in the month of August this year and this is the new and revised version of the same. The new direct tax code is expected to be introduced in the Indian Parliament in the next session.
The new DTC would also explore financial areas of concern like wealth tax, pensions, money from gratuity, Special Economic Zones (SEZs),transfer pricing rules and taxes on charitable organizations, among others.
