The Finance Minister Shri P.Chidambaram has said that the work on Direct Taxes Code (DTC) is in progress. Presenting the Union Budget in the Lok Sabha today, he said that the DTC is not intended to be an amended version of the 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.

Shri Chidambaram further added that the Standing Committee on Finance had submitted its report and Ministry of Finance is examining the recommendations. The Finance Minister said that he shall endeavour to bring the Bill back to the House before the end of the Budget Session.

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(Release ID :92751)

Direct Taxes Code reform: new code based on international practices, Bill to be reintroduced before end of budget session Work on a comprehensive Direct Taxes Code is underway as a new code (not an amendment to the Income-Tax Act), intended to align with international tax practices and meet the needs of a fast-developing economy. The Standing Committee on Finance has submitted recommendations which are under government review, and the Finance Minister intends to reintroduce the Bill to the legislature before the end of the budget session.