Don't abandon Dirext Taxes Code: Parl panel to Govt

Asking the government not to abandon the Direct Taxes Code (DTC), a Parliamentary panel on Friday said this new law needs to be enacted to replace the existing Income Tax Act, which it said was "very cumbersome" and prone to avoidable litigation.

India has historic chance to grow, don't obstruct: FM Jaitley to Opposition

With a number of key reforms bills stuck, government on Tuesday appealed to the opposition not to play "obstructionist" as the country has the "historic opportunity" to grow and the GDP is expected to go beyond 8 percent next year, overtaking China.

FM says eco challenging; India Inc presses for tax sops

Finance Minister Arun Jaitley today described the economic situation as challenging even as India Inc pressed for tax concessions and bold reforms to reignite the investment cycle and promote growth.

Mayaram calls meeting to discuss progress on DTC, GST

Finance Secretary Arvind Mayaram has called a meeting on Wednesday of revenue department officials to assess the progress on the proposed Direct Taxes Code and the Goods and Services Tax.

No resolution to Vodafone tax dispute; DTC, GST still in limbo

Besides Vodafone, several other major MNCs like Nokia and Shell too were locked in tax dispute with the revenue department.

Cabinet likely to consider DTC Bill today

The exemption limit at Rs 2 lakh for individual tax payers is unlikely to be touched, but a new slab of 35 percent may be introduced for the super-rich.

Cabinet likely to consider DTC Bill Thursday

The Cabinet is likely to consider Thursday the Direct Taxes Code (DTC) Bill, which seeks to overhaul the over 50-year old income-tax law, with minor rejigs in the draft, including in the income-tax slabs.

GST, DTC will spur growth: Rana Kapoor

Early introduction of Goods and Services Tax and Direct Taxes Code will help revive the sagging economic growth which declined to a decade low of 5 per cent last fiscal, newly elected Assocham President Rana Kapoor said.

FM asks tax officials to focus on big clients, non-filers

The Minister said he had impressed upon the tax officials "that revenue mobilisation is the most important task of the department and they should achieve this (tax collection) target".

DTC bill to be introduced in monsoon session: Chidambaram

The Direct Taxes Code (DTC) bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.

Changes in DTC bill to be tabled in Monsoon Session: FM

The government will introduce changes to the Direct Taxes Code (DTC) bill that would integrate its various versions, in the forthcoming Monsoon Session, Finance Minister P Chidambaram said here Thursday.

Taxes will be collected in just and fair manner: FinMin

Finance Ministry on Tuesday assured taxpayers that efforts would be made to end hostile relationships between officials and assessees and collect revenue in a "just and fair manner".

Govt to come out with modified DTC Bill: Shome

The government will come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance, which among things had suggested raising annual income tax exemption limit to Rs 3 lakh.

DTC review on; Par panel suggestions to be taken on board: FM

Finance Minister P Chidambaram on Monday said he is reviewing the Direct Taxes Code (DTC) Bill and it will be introduced in Parliament after taking into account the recommendations of the Parliamentary panel.

Direct Taxes Code needs fresh look: Chidambaram

Finance Minister P Chidambaram on Tuesday said that the Direct Taxes Code (DTC), initiated by him during his earlier tenure, needed a fresh look.

IFRS accounting norms to be implemented from next fiscal: MCA

The Corporate Affairs Ministry will press ahead with the implementation of global accounting norms IFRS from next fiscal, even if the Direct Taxes Code does not take effect.

Parliament to take up DTC Bill in monsoon session: Fin Min

The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50-year-old income tax laws, will be brought in Parliament in the monsoon session, Finance Secretary R S Gujral said on Thursday.

Budget 2012: DTC likely to become effective from FY'14 says FM

Finance Minister Pranab Mukherjee on Sunday expressed hope that the direct tax regime would become effective from 2013-14.

Union Budget: Govt keen on DTC Bill

The Union Finance Minister Shri Pranab Mukherjee Friday expressed the government’s firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest.

Parl panel report on DTC tabled in LS

The Parliamentary panel on Direct Taxes Code in its report tabled in Lok Sabha on Tuesday has suggested raising the income tax exemption limit to Rs 3 lakh.