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tax code news

Inequality worsening in India, share of top 1% in total income touches new high

The wealth share of the top 1% was lesser in India than in South Africa and Brazil.
Updated on Mar 21, 2024 10:55 am IST

Budget may reform GST filing process

The budget is expected to announce several direct and indirect tax reforms including further simplification of income-tax laws
Updated on Jan 25, 2020 05:19 am IST

Govt plans rejig in personal tax slabs to boost spending

Government officials have been working on simplifying archaic income-tax laws and rationalising tax rates in line with recommendations of the task force on the Direct Tax Code (DTC), which submitted its report on August 19. (Photo @nsitharaman)
Updated on Jul 05, 2020 03:43 pm IST

Decoded: Proposed tax slabs and their implications on your income

The task force on the Direct Tax Code has proposed new income tax slabs and the report has been submitted to the finance minister.
Updated on Jun 23, 2020 06:23 am IST

Major relief likely for taxpayers between 5 lakh and 10 lakh as panel proposes new slabs

There is no change in the first income-tax slab (up to 2.5 lakh a year), which attracts zero tax.
Updated on Jun 22, 2020 09:29 pm IST

Government plans one-time amnesty scheme for old income tax cases

The task force has been asked to draft the Direct Tax Code, one of whose aims is to reduce the number of tax cases.
Updated on Jul 16, 2019 09:31 am IST

Parliamentary panel on finance for tax law simplification

A parliamentary panel wants the government to finalise the long-pending Direct Tax Code “at the earliest” to simplify and rationalise tax laws further.
Updated on Mar 09, 2019 08:44 am IST

Businesses, small taxpayers to gain from new direct tax code

The new tax code, which will replace the Income Tax Act of 1961, is expected to overhaul the taxation system.
Updated on May 14, 2018 10:25 am IST