The new direct tax code will reduce litigations on tax issues, a finance ministry official said in the Capital on Thursday. Our objective is to present a code with no ambiguities, said ministry of finance joint secretary Arbind Modi.
Speaking at an interactive session with industry executives, he also said the Indian industry must realise that the era of exemptions is over. The new code focuses on moderate taxes, comprehensive base and simple compliance procedures.
The official said the new code will promote long-term savings and will reduce discretion to a great degree. This is a code you must support, he said.