The Direct Tax Code will be implemented by 2018 July, this code will extend 25% of corporate tax on various firms over the period of time and will provide tax relief to the individual taxpayers.
It is the common belief that, this Direct Tax Code will bring the ray of hope for businesses and low-income taxpayers. The draft of the proposed Direct Tax Code will be ready by the month of July of this Year. This idea will take forward the government’s idea of lowering corporate tax rate to 25% for all businesses and look out to give further relief to individual income taxpayers.
The whole agenda of implementing this Direct Tax Code is to make the tax rates moderate for the taxpayers without disturbing the current gains in the revenue generated and tax base. Moreover, the proposed tax rate deductions will be incremental over a period of time as compliance and revenue collections grow. Between the financial year 2014 and financial year 2018, income tax returns filed have risen over 80% to 68.4 million.
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Lowering corporate tax to make various Indian firms more competitive has become a priority policy just like nations such as the US and the UK are alluring investments with lower tax rates.