Volume : II, Issue : II, November - 2012

Income Tax Act 1961 V/S Direct Tax Code 2009

Sanjay K. Radadiya

Abstract :

"It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold" Kalidas in Raghuvansh eulogizing KING DALIP. | Taxation of income in India, till now, is governed by the fifty years old Income Tax Act (IT Act) which came into legislation in 1961. But this Act has been criticized for being economically inefficient, incompatible with the current requirements and inequitable to all tax payers. It was neither cost effective nor was able to encourage voluntary compliance. So, in August 2009, the Ministry of Finance came out with the draft of Direct Tax Code (DTC) bill with the purpose of replacing the existing IT Act. It will be a key tax reform by the government aiming at widening and deepening the tax net; and increasing tax revenue.  

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Sanjay K. Radadiya Income Tax Act 1961 V/S Direct Tax Code 2009 Indian Journal of Applied Research, Vol.II, Issue.II November 2012

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