The draft direct tax code released by the finance ministry that seeks to replace the 48-year-old tax law has found overwhelming support. It suggested significant cuts in tax rates for individuals and companies, pruned exemptions, choked loopholes for foreign companies and radically changed definitions, all of which are likely to have a mixed impact on companies and individuals.
Also See Key Findings Of The Survey (Graphics)
Together with greater surveillance, it would ensure greater compliance and thereby reduce the risk of any loss in tax revenues due to a cut in rates. A survey undertaken by BMR Advisors-Mint reveals that three out of four people believe it is a step in the right direction.