« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  Direct tax collections up 50% in Apr-Aug... Date of payment of tax by cheque: Whether tender date or... » Simplified I-T law likely from April 1, 2008 September, 09th 2006 Combines all the existing direct taxes into a single law -------------------------------------------------------------------------------- Salient features A brand new income-tax law, subject to Parliament nod. The language of the law would be simple. Removal of redundant provisions of law from the statute. Similar provisions are to be regrouped and placed at one place in a chapter-wise format. -------------------------------------------------------------------------------- A brand new income-tax law that provides for easy reading and understanding of the provisions may become a reality from April 1, 2008. An expert group of Central Board of Direct Taxes (CBDT) that was constituted to suggest simplification of the Income-Tax Act, 1961, submitted its report to the Union Finance Minister, Mr P. Chidambaram, hereon Friday. The Government is looking at enacting a `direct tax code' that combines all the existing direct taxes such as income-tax, wealth tax, and fringe benefit tax into a single code. "This is not a report to amend the existing Income-Tax Act. This report is about a brand new Income-Tax Act, which will come into force from April 1, 2008, that is, for assessments made in the assessment year 2009-10," Mr Chidambaram told reporters after receiving the report from the expert group. He made it clear that the existing Income-Tax Act would continue and all amendments would get carried out through the Finance Bill. "What we are doing now is a futuristic exercise. We will have a brand new income-tax law in April 2008 subject to Parliament approving it well in time," Mr Chidambaram said. The Finance Minister had announced in his Budget speech of 2005 that the Income-Tax Act, 1961, would be simplified and a new Bill would be introduced in Parliament. Accordingly, an expert group from the CBDT was constituted to rationalise the law relating to income-tax. Christened the `Report on simplification of the income-tax law', the expert group has combined all the existing direct taxes such as the income-tax, wealth tax and fringe benefit tax into one code known as `Direct Tax Code Bill 2006'. It seeks to ensure that the language of the law is simple and complicated legalese is done away with. Moreover, all provisos and explanations in the existing law are to be done away with and wherever necessary, suitably incorporated in the main provision.