The parliamentary panel had suggested raising the annual income exemption tax limit to Rs 3 lakh as against Rs 2 lakh proposed in the original DTC bill
PTI | January 31, 2013
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.
"Will come out with modified DTC (Bill) in response to Standing Committee suggestions," said Advisor to the Finance Minister Parthasarathi Shome at a FICCI event here.
He said the Finance Ministry is looking at the Bill and working on tax structures as suggested by the Parliamentary committee.
The Parliamentary panel headed by senior BJP leader Yashwant Sinha in its report (March 2012) had suggested raising the annual income exemption tax limit to Rs 3 lakh as against Rs 2 lakh proposed in the original DTC Bill. Current tax exemption limit is Rs 1.8 lakh.
It has also suggested that subsequent tax slabs be adjusted accordingly to provide relief to people reeling under the impact of inflation. The DTC will eventually replace the over five decades old Income Tax Act.
"We are trying to see what could be the best in terms of transparency so that issues that are hurting industry could be covered adequately," Shome said.
He further said the Finance Ministry is also addressing the issue of expenditure control and that remains a major challenge.
"We are looking into expenditure efficiency. We should do more in terms of efficiency. Issues on expenditure side is being addressed. Expenditure control is a major challenge and is being addressed by the Finance Minister," he said.
Prime minister Narendra Modi celebrated three-year of his government on May 26 by inaugurating Dhola-Sadiya bridge over the Brahmaputra river in Assam’s Tinsukia district. It is the longest bridge in India, which runs 9.15 km from end to end and connects Assam with Arunachal Pradesh.
IndianOil posted a net profit of Rs 19,106 crore for 2016-17 fiscal as compared to a profit of Rs 11,242 crore in the last fiscal. The income from operations for the financial year 2016-17 was Rs 4,45,373 crore as compared to Rs 4,06,828 crore in the previous fiscal. IndianOil`s income from
Hindustan Aeronautics Limited (HAL) carried out first flight of light utility helicopter (LUH)-PT-2 on May 22 at its Bengaluru-based facility. The flight duration was about 22 minutes and pilots reported nil snag, HAL said. “These maiden flights of indig
Narendra Modi is like Greek mythology’s King Midas: whatever he touches turns into gold. Most people in this country are left dazzled by his ability to make dramatic announcements with a statuesque flourish. The past three years of the Modi government have left the
Bharat Heavy Electricals Limited (BHEL) has added another feather to its cap by successfully commissioning another 270 MW thermal unit at RattanIndia Nasik Power Limited’s 5x270 MW thermal power project at Sinnar (Nasik) in Maharashtra. This is the fourth unit to be c
Chaudhary Birender Singh, minister for steel, said that the Indian steel industry is at the cusp of a significant milestone by becoming the second largest stainless steel producer in the world, leaving behind Japan. He said that the steel sector is only an example of all-round development in India. The c