Finance ministry may introduce the amendments in the ongoing session.
Finance minister P Chidambaram has started lobbying hard to bring the Opposition on board and build a consensus on the Direct Tax Code Bill, before introducing amendments in Parliament. On the second day of the Winter session, the FM met Sushma Swaraj and Arun Jaitley, leaders of the Opposition in the Lok Sabha and the Rajya Sabha, respectively. The finance ministry plans to introduce the amendments to the Bill in the ongoing session of Parliament, which will last till December 20.
The meeting between the trio lasted for at least half an hour, where Chidambaram, according to sources, said the amendments have been finalised by the finance ministry and efforts are on to solicit support. The Left parties are opposed to the DTC as well as other key bills such as Insurance Bill. The DTC Bill aims to replace the Income Tax Act, 1961.
Soon after the meeting, Jaitley said: “We will get back to the party on the matter and take a decision accordingly.” The party is likely to consult its senior leader and former finance minister, Yashwant Sinha.
The DTC issue had been on the drawing board for the last couple of years and the Bill was introduced in Parliament in 2010. The Parliamentary Standing Committee on finance headed by Sinha gave its recommendations on the Bill in March last year. Since then, the finance ministry has been working on amendments to be introduced in accordance with the recommendations, an exercise officials concede is now over. The changes, however, could not pass the Cabinet muster in August this year.
Senior officials said the ministry will take the Bill to the Cabinet again next week. The amendments have undergone the law ministry scanner and once the Cabinet approves the same, it will be introduced in Parliament.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}