Direct Tax Code Bill-Meaning, Features and Accountants Role

Abstract

The Finance Minister during his speech in the Parliament on 6 July 2009 had promised to bring about structural changes in direct taxes by releasing the new Direct Tax Code to improve the efficiency and equity of the Indian tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base. An accountant is certified and are extremely versed in the tax code, finances and tax issues. In this paper an attempt is made to specify the accountants role in calculating the tax by taking care of Direct Tax Code.