New Delhi, Oct 29 (PTI) The Finance Ministry today said it is hopeful of getting the Direct Taxes Code (DTC) bill approved by Parliament in the next fiscal to enable its implementation from April 1, 2012.

"The draft DTC is with the Parliamentary Standing Committee. It is likely that by February-March, we should receive their comment and by the middle of next year in the monsoon session, it should be voted and made law," Revenue Secretary Sunil Mitra told reporters on the sidelines of a FICCI conference here.

In August, the government decided to delay the implementation of DTC by a year to April 1, 2012.

The DTC, which seeks to replace the Income Tax Act 1961 and simplify direct tax laws, was originally proposed to be implemented from April 1, 2011. Direct Taxes Code bill expected to be enacted next fiscal to replace and simplify existing direct tax law. The summary addresses enactment and timing of the Direct Taxes Code, intended to replace and simplify the Income Tax Act, 1961. The draft is under parliamentary review, and the government expects committee comments and legislative approval in the coming fiscal cycle to allow commencement of the DTC by the planned implementation date, following a formally announced one-year postponement.