PERCEPTION OF NEW DIRECT TAX CODE (DTC) ON SELECTED ASSESSEES FOR SAVE THE TAX
Journal Title: PARIPEX-Indian Journal of Research - Year 2017, Vol 6, Issue 10
Abstract
The Government seeks to provide a modern tax code in step with the needs of a fast growing economy and is aimed at widening the tax net and increasing Government revenues. The Income-tax Act, 1961, has been subjected to numerous amendments since its passage fifty years ago. It has been considerably revised, not less than thirty-four times, by amendment Acts besides the amendments carried out through the annual Finance Acts. These amendments were necessitated by policy changes due to the changing economic environment, increasing sophistication of commerce, increase in international transactions as a result of globalisation, development of information technology, attempts to minimize tax avoidance and in order to clarify the statute in relation to judicial decisions. Thus it is necessary to introduce New Direct Tax Code (DTC) to come out of such problems. The Direct Tax code in India is very much discussed and criticized now a day. Even though, the basic aim behind DTC is simple and helpful to the people, it is very much criticized because many provisions under this proposal may harm the investors and FIIs.The Direct Tax Code will change in the whole taxation system of India. It will surely help in the growth of our economy because the tax rate has been reduced for person who earns up to ten lakes. This reduction in tax may motivate them to contribute their money in the development of the economy, like establishing business firms, education etc., which play major role in the growth of India.
Authors and Affiliations
Mr. TaralkumarPin akinbhai Bhatt, Dr. Himanshu N. Sanghavi
Keywords
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