Major Reforms in Direct Tax Code 2025 Simplifying India’s Taxes
The Direct Tax Code 2025 is set to revolutionize India's tax framework starting April 2025. Replacing the Income Tax Act of 1961, this new tax system aims to simplify compliance for both individuals and businesses. The DTC introduces a modernized and transparent approach, which is essential for meeting the needs of India’s growing economy. With the outdated Income Tax Act becoming increasingly complex, the need for this overhaul is more apparent than ever. Why India Requires the Direct Tax Code 2025 The Direct Tax Code 2025 has been in development for over a decade. Its initial draft surfaced in 2009 and was formally presented in 2010. However, delays in implementation persisted due to various complexities. The old Income Tax Act, riddled with countless sections and exemptions, made tax compliance burdensome for most taxpayers. By introducing the DTC , the government intends to simplify tax laws, reduce legal disputes, and encourage more citizens to contribute to the...