New direct tax code  

Country’s direct tax laws are all set to become ‘saral’ for taxpayers. The government would unveil the new Direct Tax Code that seeks to simplify and rationalise the tax provisions.

The new code that aims to change the face of how direct taxes in the country will replace the current Income-tax Act that was enacted about 50 years ago in 1961. It would provide for tax calculators—allowing taxpayers to calculate their own taxes, explain a tax provision in simple language.

Experts say the new code is likely to simplify the rules so that they become transparent and easily understood by both the tax collector and the tax payer in this category. The proposed tax code is also expected to include new measures to prevent abuse of some special bilateral taxation treaties between India and some nations.

Source: Economic Times 12.08.09

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