Fair Tax Act 2025 Texting. Itโs important to understand how tax slabs have changed from the income tax act 1961 to the direct tax code 2025. The fair tax act of 2023 (hr 25) would replace the federal individual income tax, corporate income tax, payroll taxes, and the estate and gift tax with a national retail sales tax.
The central government is set to introduce the direct tax code 2025, which aims to simplify income tax laws, during the upcoming union budget scheduled for february 1,. The dtc is a modern tax framework replacing the income tax act of 1961, designed to simplify tax compliance and align with global standards.
