Which one of the following acts is going to be replaced by the Direct Taxes Code (DTC) in India?

Income Tax Act 1961

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Wealth Tax Act 1957

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Custom Duty Act 1966

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Both 'a' and 'b'

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Solution

The correct option is D Both 'a' and 'b'
DTC will revise, consolidate and simplify the structure of direct tax laws in India into a single legislation. The DTC, when implemented will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957. The Direct Taxes Code (DTC) Bill was introduced in Parliament in 2010 but lapsed with the dissolution of the 15th Lok Sabha. Recently new task force was setup to re-draft the Direct Taxes Code.

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