Direct Tax Code (DTC)- New slabs force from April 2012

Direct Tax Code (DTC)- New slabs force from April 2012

Direct Tax Code (DTC)- slabs force from April 2012 Finance Minister Pranab Mukherjee
on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to
modernise tax laws in the country,simplify tax laws by lowering the tax rates and
bringing more people and firms within the tax net is slated to come into force from
the next financial year, will come into force from April 1, 2012. On 26th August
2010, the Government of India has proposed the new Direct Tax Code Bill for 2011
which would replace the.

The direct tax code seeks to consolidate and amend the law relating to all direct
taxes, namely, income-tax, dividend distribution tax, fringe benefit tax and
wealth-tax so as to establish an economically efficient, effective and equitable
direct tax system which will facilitate voluntary compliance and help increase the
tax-GDP ratio. Another objective is to reduce the scope for disputes and minimize
litigation.

More Detail on DTC -Direct Tax Code : Direct Taxes Code, 2010