DTC 2.0: Legislation In The Making

The draft legislation on the new Direct Tax Code (DTC), nearly two years in the making, has been finally submitted to the Finance Minister. According to media reports, the panel has recommended several far-reaching proposals in the report. The DTC panel, constituted in November 2017, was given the task of drafting the new direct tax code in line with the economic needs of the country. The Direct Tax Code 2.0 is expected to replace the 58-year old existing Income-tax Act, 1961. The Terms of Reference of the Task Force was to draft an appropriate direct tax legislation keeping in view: Direct tax system prevalent in various countries International best practices Economic needs of the country Any other matter connected thereto These terms of reference were recently expanded to cover recommendation on the following: Faceless and annonymised verification, scrutiny  and...