Finance Minister Pranab Mukherjee has stated in the Rajya Sabha as he moved the Finance Bill that the Direct Taxes Code (DTC) Bill will be brought in Parliament in the monsoon session. He also stated that most of the recommendations of the Standing Committee will be accepted.
The Direct Taxes Code (DTC) Bill seeks to overhaul the 50 year-old Income-tax laws that have till now been active in the country. It has already been approved by the Lok Sabha.
“I will have the opportunity after the Budget session is over, to go through all the recommendations (of the Standing Committee) and thereafter approval of the Cabinet, in the next monsoon session bring the DTC Bill for approval of the both the Houses,” Mukherjee said.
“…and that stage many of the recommendations of the standing committee will be accepted,” he said.
The minister said he could not go through the all the recommendations the Standing Committee on DTC as the report was given on March 9 and Finance Bill presented on March 16.
“…therefore it was quite natural that I could not take into account all major recommendations on the DTC,” he said. The DTC Bill will have far reaching consequences on the income tax laws in the country as it replace the Income-tax Act, 1961.
The Parliamentary Standing Committee on DTC, headed by senior BJP leader Yashwant Sinha, in its report had given a number of recommendations, including raising income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh now.