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Panel defers finalising report on Direct Taxes Code New Delhi
Amid differences over some issues, the Standing Committee on Finance has postponed the adoption of its final report on the Direct Taxes Code (DTC). The Committee is expected to give its nod by March 2, after three more meetings. “It has been agreed to have meetings on February 17, 24 and March 2, as members want more discussion on the entire report,” said a source close to the developments. The Committee's report may help the Government introduce some provisions of the proposed code in the Budget for 2012-13. It is believed that it has favoured raising the income-tax exemption limit to Rs 3 lakh against Rs 2 lakh proposed in the code. At present, the limit is Rs 1.80 lakh for men below 60 years, Rs 1.90 lakh for women below 60 years and Rs 2.50 lakh for those aged 60 to 80 years. The Committee is also understood to have suggested categorisation of home and commercial property for different tax treatment. Although the Government planned to replace the five-decade-old Income Tax Act 1961 with the brand new code from April 1 this year, that is now expected only from April 1, 2013. A Bill introduced in Parliament last year referred to the Standing Committee on Finance, headed by BJP leader and former Finance Minister Mr Yashwant Sinha. Experts say the Committee's recommendation is not binding on the Government, but usually, to avoid confrontation, the Government incorporates some changes in the final draft of the Bill before tabling it in Parliament. “We can expect the same with the Direct Taxes Code,” an expert said. [Source: The Hindu Business Line]
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