From the India Union Finance Budget 2013 : About Direct Taxes Code (DTC) Bill

Ptrikha By Ptrikha, 1st Mar 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/3lgl1red/
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Latest about Direct Taxes Code Bill in India, initially talked about in 2010

Direct Taxes Code (DTC) Bill

I first heard about Direct Taxes Code (DTC) bill in Mid 2010. This would be a major change in India's tax policy since Income Tax Act,1961. Initial proposals aimed at doing away with various tax exemptions like what people get on ULIP s, Public Provident Fund(PPF), Fixed deposits etc and instead lowering tax rates and simplifying tax payment.
Then, it was planned to be applicable from 2012 April. However, this has been postponed. Yet in yesterday;s budget, Indian finance minister P.Chidambaram said that this bill would be tabled in Parliament in current budget session.
As per Chidambram, the Parliamentary Standing Committee on Finance has submitted its report on the Bill and the government attaches great weight to its recommendations.
It needs to be soon whether government allies and opposition parties, mainly BJP supports this motion or not.


Check out this video on Budget 2013 speech:

Source: Hindustan Times 1 March 2013 Budget special

Tags

Finance Budget India 2013, India Budget, Union Finance Budget

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author avatar Ptrikha
Ptrikha is an IT professional, with a great appetite for writing on a variety of topics ranging from Business, Economics, Politics, Sports, Technology, and much more. He has written over 100 Articles

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Comments

author avatar madugundurukmini
2nd Mar 2013 (#)

very nice explained

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author avatar cnwriter..carolina
5th Mar 2013 (#)

thank you Ptrikha for giving us knowledge of another place ..it is always good to know what is happening around the world,

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