Most of you know that our tax system is going to replaced by Direct Tax Code (DTC), sooner or later. I just tried to understand what it means to the common man and the others and im sharing the details to my understanding level. First of all, I want to make it clear that, DTC is not another amendment for the existing taxation system, but it is completely new one. In simple words, DTC is going to replace of Income Tax Act, 1961. In other way, most of the auditors’ knowledge will get outdated...