The Union finance ministry is finalising a Cabinet note on the amendments to the Direct Taxes Code (DTC) Bill and intends to introduce them in the winter session of the parliament.
DTC also aims at broad-basing the tax regime and bring more persons and corporates under tax net.
A senior ministry official told dna, “After receiving the Standing Committee of Finance’s recommendations on the DTC, the official amendments have now almost been finalised. The ministry is planning to take up the matter to the Cabinet and introduce the amendments in the winter session of the Parliament.”
The winter session would run from December 5 to 20.
The Standing Committee on Finance headed by BJP leader and former finance minister Yashwant Sinha had submitted its recommendations on the DTC Bill 2010 in April last year.
In a move that could come as relief to a large section of the tax payers, the Sinha panel had recommended raising the income tax exemption threshold to Rs3 lakh as against the provision of Rs2 lakh in the DTC Bill, 2010. The panel has also suggested abolishing the securities transaction tax and increase the limit for investments for tax savings to Rs3.2 lakh to encourage individual savings.
The finance ministry, meanwhile, is tight-lipped on the amendments that are being brought to the DTC Bill and which recommendations will actually be accepted by the government.
On Goods & Services Tax, the official said that some state governments have some issues on certain matters, which will be ironed out soon.
The Standing Committee on Finance is reviewing the GST Bill 2010. Once they finalise it, both state and the central governments would look at the Bill and bring it back to parliament, which may not happen in the upcoming session.
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