Direct taxes code: An evaluation Dr. Rani Vaneeta*, Associate Professor, Dr. Arora R.S.**, Professor * Govt. Bikram College of Commerce, Patiala ** Department of Commerce, Punjabi University, Patiala Online published on 13 February, 2012. Abstract The Direct Taxes Code along with a discussion paper was released by the Government of India on August 12, 2009 for public comments. A revised Direct Taxes Code was issued in July, 2010 after incorporating certain changes in the original draft on the basis of recommendations from public. It contains 285 Sections, 18 Schedules and 318 definitions. Finally, after introducing certain changes, it has been presented in the Parliament on August 30, 2010 and is contemplated to be introduced with effect from April 1, 2012. It will replace the existing Income Tax Act, 1961 and bring all Direct Taxes under one code for providing a single tax reporting system. It has been stated that the new code is drafted by taking into account the internationally accepted principles and their best practices to make it at par with world practices. The present paper tries to highlight proposed key changes as proposed by Direct Taxes Code and their impact on assessees. such as tax rates, computation of income, saving incentives etc. Top Keywords Direct tax, Tax rate. Top |