Direct Tax Code | Finance Minister to Unveil 'Direct Taxes Code' today

Direct Tax Code | The Government will consider inputs and suggestions received from the public before finalising the Direct Taxes Code Bill for introduction in Parliament sometime during the Winter Session. The current Income-tax Act was enacted in 1961 to replace the earlier Act, which had been legislated before Independence in 1922.

More than 50 years have elapsed since the introduction of the current Income-tax Act. The Government had, therefore, announced its intention to introduce a revised and simplified Income-tax Bill while presenting the Union Budget for 2005-06. Subsequently, work was undertaken on drafting a Direct Taxes Code to replace the current Income-tax Act, 1961 and the Wealth-tax Act, 1957.

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