Union Finance Minister Pranab Mukherjee said on Wednesday that the Direct Taxes Code ( DTC) that aims to modernise tax laws in India, will come into effect from April 1.
The government is likely to replace the Income Tax Act, 1961, with a new legislation in order to modernize the existing tax system.
Mukherjee mentioned about the implementation of Direct Taxes Code ( DTC) while addressing an international conference on ´Tax and Equality´ on Wednesday.
Speaking on the indirect tax reforms, Mukherjee said that the country is moving towards an economy-wide, generalised value-added tax system of Goods and Service Taxes (GST) at all levels in India.
Mukherjee said that the Indian government has adopted a strategy to deal with the issues connected with tax evasion and black money.
The strategy that has been adopted by the government includes the crucial step of creating a legislative and institutional framework in order to deal with the troubles connected with illegal money.
