Abstract
DTC seeks to consolidate and amend the law relating to all direct taxes, namely income tax, dividend distribution tax and wealth tax so as to establish an economically efficient, effective and equitable direct tax system which will facilitate voluntary compliance and help increase the tax-GDP ratio. All the direct taxes have been brought under a single code and compliance procedures unified, which will eventually pave the way for a single unified taxpayer reporting system. The need for DTC arose from concerns about the complex structure of half a century old Income Tax Act, 1961, which has been amended a large number of times, making it incomprehensible to the average taxpayer.
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