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Direct Taxes Code Bill likely in Winter Session: Finmin

The Direct Taxes Code Bill, which will replace the I-T Act 1961, is likely to be introduced during Winter Session, a Finance Ministry official said today.



Mumbai: The Direct Taxes Code Bill, which
will replace the Income Tax Act 1961, is likely to be
introduced during the Winter Session of Parliament, a Finance
Ministry official said today.

"We are hoping that by the 2010 monsoon session, it
should be a legislation," Ministry of Finance Joint Secretary
Arobind Modi said at a seminar on Direct Tax Code Bill,
organised here today.

The government released the draft Code for public debate
earlier in the month. After receiving suggestions from
different stake holders, the government will improve the Code
and introduce a bill in the coming Winter Session of
Parliament, he said.

The Ministry, he added, would try to put together
everything to ensure that Code becomes a law by March 2011.

"After we draft the rules, we will put it in the public
domain for suggestions...We hope to wrap it up before
mid-night of March 31, 2011," he added.

The Ministry has identified 200-odd changes in the code,
he said, adding, some 1,000 to 1,500 changes were expected to
be carried out before the bill is tabled in Parliament.

People, he added, should view the direct tax code from a
long-term perspective as it seeks to provide stability in the
tax regime.

Bureau Report

From Zee News

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