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    BhavdeepMakwana
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    The proposed Direct Tax Code bill contains more sections and schedules than the existing Income Tax Act in order to replace the archaic law. While many provisions of the Income Tax Act will carry over to the new Direct Tax Code, some changes include removing deductions for mutual funds and ULIPs from section 80C and charging fringe benefits tax to employees instead of employers.

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    The proposed Direct Tax Code bill contains more sections and schedules than the existing Income Tax Act in order to replace the archaic law. While many provisions of the Income Tax Act will carry over to the new Direct Tax Code, some changes include removing deductions for mutual funds and ULIPs from section 80C and charging fringe benefits tax to employees instead of employers.

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    © All Rights Reserved
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    8 views1 page

    Ohkljhk

    Uploaded by

    BhavdeepMakwana
    The proposed Direct Tax Code bill contains more sections and schedules than the existing Income Tax Act in order to replace the archaic law. While many provisions of the Income Tax Act will carry over to the new Direct Tax Code, some changes include removing deductions for mutual funds and ULIPs from section 80C and charging fringe benefits tax to employees instead of employers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Proposed bill has 319 sections and 22 schedules against 298 sections and 14 schedules in

    existing IT Act.
    Once enacted, DTC will replace archaic Income Tax Act.
    However, many provisions in Income Tax Act will be a part of DTC as well.
    Mutual Funds/ULIP dropped from 80C deductions : Income from equity-oriented mutual
    funds or ULIP shall be subject to tax @ 5%
    Fringe benefits tax will be charged to the employee rather than the employer.
    Salient features

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