####அறிவோம்####
DIRECT TAX CODE Why in news? 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. More on the news • The Direct Tax Code (DTC) is an attempt by the Government of India to simplify the direct tax laws in India. o It will revise, consolidate and simplify the structure of direct tax laws in India into a single legislation. o When implemented, it will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957. • The task force was constituted by the government to frame draft legislation for this proposed DTC in November 2017 and review the existing Income Tax Act. Related Information • What is a Direct Tax? o These are the taxes, paid directly to the government by the taxpayer. Under the direct tax system, the incidence and impact of taxation fall on the same entity, which cannot be transferred to another pers