In a major move towards simplifying India's tax landscape, the Centre is set to undertake a comprehensive review of the Direct Tax Code! 🚨 Announced by Finance Minister Nirmala Sitharaman in her latest Budget, this overhaul aims to make the Income-tax Act, 1961, more concise, lucid, and easy to understand.

Highlights of the Review: 📊 Review by Internal Committee: The Centre’s internal committee will draft the new Direct Tax Code, which will then be shared for stakeholder consultation within the next six months, according to Sanjay Malhotra, Secretary Revenue, Ministry of Finance.

📝 Simplification and Clarity: The purpose is to make the Act easier to read, reducing disputes and litigation while providing more tax certainty to taxpayers. This reform could significantly lower the volume of tax cases currently tangled in litigation.

⚙️ Standard Operating Procedure for TDS Defaults: The government will also introduce SOPs for dealing with defaults in Tax Deducted at Source (TDS) and will simplify and rationalize the compounding of such offences, making compliance easier for businesses and individuals alike.

This step could transform the way taxes are handled in India, bringing much-needed clarity and fairness to the system. Watch the full video to understand what these changes mean for taxpayers, businesses, and the Indian economy.

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