New Direct Tax Code to Simplify Structure, No New Taxes to Be Introduced: Finance Secretary

The Finance Secretary announced that the new Direct Tax Code aims to simplify the tax structure without introducing new taxes. The focus is on reducing complexities and making compliance easier for taxpayers. This move is expected to enhance transparency and efficiency in the tax system, benefiting both individuals and businesses. The government is committed to ensuring a taxpayer-friendly environment while maintaining revenue neutrality. The new code is likely to address long-standing issues in the current tax regime, providing clarity and reducing litigation. This initiative aligns with the broader goal of economic reform and ease of doing business in India.