Synopsis for Direct Tax Code Project Work

DIRECT TAX CODES :

AWARENESS AMONG TAX PAYERS

NAME : DEBJIT KESH

CLASS : B.com Hons. Part III

SECTION : I

CLASS ROLL NO : 45

Ph No : 7278370206

PROJECT WORK

INTRODUCTION :

Taxation is the primary source of revenue for Govt. Of India. Taxes in India are collected under two different categories : 1. Direct taxes or Income tax under Income tax Act,1961

2. Indirect Taxes of different nature; eg: VAT,CST etc

Now, this very study is based upon changes to undertake in Direct tax provisions in near future. Very soon, a new statute named “DIRECT TAX CODE” is going to substitute the Income tax Act ,1961 .this very proposal was first put over in the house of parliament in the year 2009 and still the implementation of “DIRECT AX CODE” bill is under discussion. If this new Act comes into existence then tax policies can be expected to become simpler and more organised.

OBJECTIVES:

1. It is a step taken by Govt. Of India to liberalise the provisions of chargeability of Income tax in India.

2. To make it easier for the common people-the taxpayers in calculating their amount of tax liability, filing returns and payment of their income tax liability.

3. To concise the Act & reorganise the provisions of the Act for easy understanding.

METHODOLOGY:

This study is exploratory in nature.

Both primary and secondary sources of information are considered while analysing the views of common taxpayers about the changes directed in “DIRECT TAX CODE” bill

Primary sources of data includes personal interaction with taxpayers, officials of Income Tax Department, learned individuals from the field of Law & Taxation, members of Institute of Chartered Accountants of India, with the help of self prepared questionnaire.

Secondary sources of data include help of public domain, specially govt. as well as IT dept. Websites,

FINDINGS:

1. 62% of the common people or tax payers as approached during the study are unaware...