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 framed as a new international practice based tax code, not a mere amendment to existing law. Work on the Direct Taxes Code (DTC) is proceeding as a new comprehensive tax code aligned with international practices rather than an amendment to the Income Tax Act, 1961; the Standing Committee on Finance has submitted its report and the Ministry of Finance is examining its recommendations with a view to reintroducing the Bill during the Budget Session.