After years of delays, the DTC (Direct Tax Code ) is set to be implemented in April 2025, for the financial year 2025-26.
KEY FEATURES:-
- Unified Financial Year:- The concept of previous year and assessment year will be removed
- Residency simplification :- Only two category of residency status will exist : Resident and non-resident.
- Renamed Income heads
- Capital gains will likely be part of regular income
- Extended audit authority : CS and CMA may be allowed to conduct tax audit. Currently only CA are authorized to conduct tax tax.
- Corporate tax alignment : Domestic and foreign company tax rates will be unified. This will encourage foreign investment.
DTC will simplify India’s tax structure and transparency.
Pushkar Mer 