Explore the Direct Tax Code 2025 aimed at simplifying India's complex tax laws. Understand the key expectations, reforms, and benefits for taxpayers in this in-depth guide.

Jan 1, 2025 · Notably, the DTC eliminates exemptions and deductions, consolidating income into two broad categories: “Income from Employment” and “Income from Residuary Sources.” It also introduces uniform tax rates for both domestic and foreign companies, aiming to attract more foreign investment.

Nov 26, 2024 · Direct Tax Code is a proposed legislation set to modernize, simplify and align India’s tax law into a single code by taking in a new era of efficient and transparent taxation.

Nov 9, 2024 · The Direct Tax Code 2025 will replace the Income Tax Act of 1961, simplifying the current tax system by reducing complexity and eliminating redundant exemptions and deductions.

Dec 5, 2024 · What is the Direct Tax Code (DTC)? The Direct Tax Code is India's legislative effort to overhaul its outdated tax framework. It replaces the Income Tax Act of 1961 with a streamlined structure designed to: Simplify tax compliance. Eliminate excessive exemptions and deductions. Modernize tax calculations for individuals and corporations.

Dec 13, 2024 · The Direct Tax Code (DTC) 2025 will replace the Income Tax Act of 1961 and the Wealth Tax Act of 1957, bringing India streamlined and modernised tax systems that clarify regulations, widen income tax brackets, reduce deductions, and aim to increase compliance.

Sep 26, 2024 · Finance Minister Nirmala Sitharaman introduced the Direct Tax Code 2025, marking a significant step toward transforming how individuals and businesses comply with tax regulations. This new code simplifies the previous complex laws, reduces litigation, and encourages better compliance.

3 days ago · Reduced rates of tax deducted at source (TDS) and tax collected at source (TCS) that are applicable to all existing and new income categories.

Sep 14, 2024 · Did you know only about 1% of India’s population pays income tax? The Direct Tax Code 2025 aims to increase this number to 7.5%. This new tax code will replace the Income Tax Act of 1961, bringing reforms and modernization to India’s tax system. Finance Minister Nirmala Sitharaman introduced the Direct Tax Code 2025.

Oct 2, 2024 · Discover the key changes and impacts of India's Direct Tax Code (DTC) 2025 Complete Guide. Learn how it affects taxpayers, businesses, and the economy.