New Delhi: The government plans to introduce
the Direct Taxes Code (DTC) Bill, that will replace the
archaic Income Tax Act, in the current Monsoon session of
Parliament, a key finance ministry official said on Tuesday.
"We do expect the DTC to be introduced in Parliament in
this session," Revenue Secretary Sunil Mitra told reporters
on the sidelines of a CII event.
The current session of Parliament ends on August 31.
Mukherjee in his Budget speech had indicated the Centre's
intention to implement the DTC from April 1, 2011.
After holding discussion with the industry and other
stakeholders the government came out with a revised DTC draft
in June.
The DTC, on which the government had invited public
comments twice, will replace the archaic Income Tax Act, 1961.
DTC and Goods and Services Tax (GST) are the two major
tax reforms that the government is aiming to introduce by
April 1, 2011.
DTC aims at reducing tax rates, but expanding the tax
base by minimising exemptions.
Last month Finance Minister Pranab Mukherjee had said the
government would introduce the DTC Bill in the monsoon session
of Parliament.
He said that the new direct tax law, which seeks to
substantially change the direct taxes regime, will make
"Indian trade and industry globally competitive."
PTI
First Published: Tuesday, August 24, 2010, 16:56