Direct Taxes Code Bill likely in Winter Session: Finmin
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 on Friday.business Updated: Aug 28, 2009 14:51 IST
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 on Friday.
"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 in Mumbai on Friday.
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.