Direct Tax

1. Akhilesh Ranjan Committee (Direct Tax Code)

  • Recently, the draft legislation of the new Direct Tax Code (DTC) was submitted by the task force, headed by Akhilesh Ranjan, to the Government of India.

Key Recommendations

  • Continuation of the minimum exemption limit of Rs 2.5 lakh per annum.
  • Continuing the tax rebate announced in the interim budget for those with an income of up to Rs 5 lakh per annum.
  • The task force has recommended increasing the slabs from four to five.
  • Replacing the decades-old Income Tax Act for simplifying income tax provisions and improving tax certainty.
  • Doing away with dividend distribution tax and ....
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