DTC bill in monsoon session of Parliament: Pranab

The DTC,on which the government had invited public comments twice,will replace the archaic Income Tax Act,1961.

The government is in the process of drafting the legislation for the DTC,he said,adding,”we want to present the stake holders with a taxation regime which is simple and broad-based leading to lowering of tax rates,better tax compliance and reduced litigation”.

The endeavor of the government,he said,will be “to incorporate the best global practices and to use innovative method for attaining equity … and have well regulated free markets.”

He hoped that the new direct tax law,which seeks to substantially change the direct taxes regime,will make “Indian trade and industry globally competitive.”

Mukherjee in his Budget speech had indicated the government intention to implement the DTC from April 1,2011.

After holding discussion with the industry and other stakeholders the government came out with a revised DTC draft last month.