Direct Tax Code

TABLE OF CONTENTS

Acknowledgement

Declaration

Chapter – 1 INTRODUCTION

Chapter – 2 DIRECT TAX CODE OVERVIEW

Chapter – 3 LITERATURE REVIEW

Chapter – 4 OBJECTIVE

Chapter – 5 RESEARCH DESIGN

Chapter – 6 DATA ANALYSIS & INTERPRETATION

Chapter – 7 RECOMMENDATION

Chapter – 8 LIMITATION

Chapter – 9 CONCLUSION & SUGESSTIONS

BIBLIOGRAPHY

ANNEXURE

Direct Tax Code Analysis

CHAPTER - 1

INTRODUCTION

Introduction

As of late, the Finance Minister has discharged the Direct Taxes Code, 2013 (DTC 2013) for open examination/remarks. The primary draft of DTC was presented in August 2009 when the Government uncovered the DTC alongside an discussion paper which was open to remark/examinations to replace the Income-Tax Act 1961 and the Wealth Tax Act, 1957. In June 2010, the Government discharged the revised discussion paper after incorporating a few progressions to address concerns over some real issues emerging there from.

In August 2010, the Government tabled an updated form as DTC 2010 in the Lok Sabha which was then referred to the Standing Committee on Finance (SCF) for its survey and remarks. The Standing Committee in the wake of thinking with the proposal given by different stakeholders submitted their report to the parliament on 9th March 2012.

From there on, in September 2012, Kelkar Committee in its report 'Guide for Fiscal Consideration' proposed a far reaching review of DTC. Consequently, Government chose to reconsider the DTC in the wake of considering recommendations given by SCF and present the amended form in the parliament.

According to news reports, out of 190 proposals made by SCF, 153 are proposed to be acknowledged wholly or in incomplete. A portion of the key suggestion acknowledged incorporate exclusion to levy of pay...