Task force on Direct Tax Code submits report to MOF

Task force on Direct Tax Code submits report to MOF

Task Force headed by CBDT member Mr. Akhilesh Ranjan has submitted its report on the new Direct Tax Code, which seeks to replace the existing Income Tax Act.

The DTC Panel has submitted its report to FM. Sources say, the report contains a roadmap for reducing corporate tax & measures to ease tax, compliance burden for individual & corporate taxpayers.

Some of the key recommendations in the Report are:

• Surcharges to be discouraged. Any surcharge be applicable on temporary basis.
• Tax burden on personal Income Tax Slabs be cut.
• Dividend distribution Tax and Mat should be abolished.
• Corporate Tax Rate to be reduced.
• Easy procedures for filing TDS & Income Tax Return.