DTC Bill in this session

The Direct Taxes Code (DTC) Bill, a plan to modernise and simplify India's complex 50-year-old tax regime, will be introduced in the current budget session of Parliament.

The Direct Taxes Code (DTC) Bill, a plan to modernise and simplify India's complex 50-year-old tax regime, will be introduced in the current budget session of Parliament.

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Finance minister P Chidambaram said the work on the DTC Bill was still in progress.

"DTC is not intended to be an amended version of Income Tax Act, 1961 but a new code based on the international practices that will be compatible with the needs of a fast developing economy," Chidambaram said.

The Parliamentary Standing Committee on Finance has submitted its report on the Bill and the government attaches great weight to its recommendations, the minister said.