Revised Direct Tax Code in 1-2 months

Government had released the draft DTC in September 2009, which is being revised on the basis of inputs received from various stakeholders

PTI | May 12, 2010



The government today said that the revised draft of the Direct Taxes Code (DTC), aimed at simplifying the tax structure, would be released for public debate in one-two months.

"The revised draft will be ready within a month or two," Central Board of Direct Taxes (CBDT) chairman S S N Moorthy said on the sidelines of an Assocham seminar.

In August last year, the government had released the draft DTC, which is being revised on the basis of inputs received from various stakeholders.

The DTC is slated to be introduced in April next year and will ultimately replace the Income Tax Act, 1961, bringing all other direct taxes, including wealth tax, under its purview.

Finance minister Pranab Mukherjee had said that if a reasonable level of discussion happens on the code, a bill could be placed in the winter session of Parliament.

However, the industry is not happy with some aspects of the draft DTC, especially the modified provision of the Minimum Alternate Tax (MAT), the amount that companies are mandatorily required to pay as tax.

The draft suggested 2 per cent MAT on the gross asset value of a company, instead of the current levy of 15 per cent on book profits.

Replying to a query whether the MAT issue will be addressed by the government, Moorthy said, "I won't commit on anything. All I can say is, all the issues raised by the industry and other representatives are under consideration and we are modifying the DTC."

Besides MAT, the revised draft will also address other issues such as tax exemption for the housing sector and taxation of savings.

Comments

 

Other News

Manch vs Musk: Forty people and a foreign billionaire

About forty people walked the roundabout on Teen Murti Marg to the gate of Chanakyapuri police station, a distance you could cover in under a minute, on Friday to protest against Elon Musk’s Starlink. The walk was called by the Swadeshi Jagaran Manch. Nobody joined them on the way, and nobody seeme

Master sculptor recalls the making of the Shankaracharya statue

The Golden Chisel: The Story Behind the Making of Ram Lalla  By Seethalakshmi S. and Rahul Nandan Rupa Publications, 168 pages, Rs 395  

Mumbai’s missing affordable homes

Mumbai’s real estate market keeps growing, yet homeownership remains out of reach for much of its population. Three experts – urban researcher Hussain Indorewala, urban planner Vidyadhar Phatak and developer Kamlesh Thakur of NAREDCO Maharashtra, agree that simply constructing more apartments

Rubio denies US foreknowledge of Starlink restrictions in Ukraine

US secretary of state Marco Rubio has said he was unfamiliar with the Wall Street Journal report suggesting Elon Musk had decided to throttle Starlink services in Ukraine, but rejected claims that Washington had ordered the restrictions to pressure Kyiv.   “There was no

Can AI change India’s breast cancer story?

Breast cancer has become a public-health challenge in India. The greatest opportunity is to find cancers earlier. Artificial intelligence (AI) is opening a new era in breast cancer detection. AI systems can analyse mammograms and other breast-imaging studies, identify subtle abnormalities and assist radi

Farm stability in the time of climate change

Indian agriculture is experiencing significant climate volatility, while the world economy seems to be in a highly volatile situation. Economic indices from various countries show that they need to recalibrate their strategies to withstand economic headwinds. In such a challenging situation, a country li

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter