The main attraction of the Direct Taxes Code 2009 will be the simplicity of the provisions, Mr P.V. Bhide, Secretary-Department of Revenue, Ministry of Finance, said.
The level of understating between the assessees and department will be higher, Mr Bhide said at a presentation on the code organised by the Indian Chamber of Commerce and Industry here recently. The Secretary said that using simple language, widening the tax payers’ network, removing complexities between sections will be the agenda of the Direct Taxes Code proposed to be implemented by April 2011.
Most simplified forms will be introduced and the processing will be faster. Administrative set up of the income-tax structure will be changed. For example, assessment of turnover over Rs 25 lakh will be dealt under the concept of collegiums; the value will be assessed by a group of Commissioners. For the first few years, Government will not expect additional revenue, he said.
