In our opinion, the new Direct Taxes Code is not going to serve the purpose additionally than the existing Income Tax Act. Except creating confusion. It is better if some unwarranted, ambiguity provisions, of the existing Income Tax Act.1961 may be deleted, modified. There are ample provisions to cover many types of situations of ‘RIGHT TAXES FROM RIGHT PERSONS’ in the current Act. Also, understanding and implementing the new Direct Taxes Code with the same spirit will be another challenge.
SOURCE: EXTRACT FROM FAPCCI NEWS 23-08-2013
