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.

He 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,” finance minister P 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.

Hindustan Times, New Delhi, 01-03-2013