NEW DELHI: The government on Wednesday released a brand new Direct Taxes Code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.
"We want to promote stability", finance minister Pranab Mukherjee said, while releasing the Direct Taxes Code.
The new code will provide for a simple structure for capital gains tax, savings instruments and non-profit organisations, he said, adding that there will be less scope for litigation.
"We expect to have better compliance and better collection of taxes," Mukherjee said.
"We want to promote stability", finance minister Pranab Mukherjee said, while releasing the Direct Taxes Code.
The new code will provide for a simple structure for capital gains tax, savings instruments and non-profit organisations, he said, adding that there will be less scope for litigation.
"We expect to have better compliance and better collection of taxes," Mukherjee said.
TOI
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