FM hopes to place DTC bill in Monsoon session

New Delhi: The Government plans to introduce a bill for a direct taxes code (DTC) during the forthcoming monsoon session of Parliament, Finance Minister P Chidambaram has said.

The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bKring more people and companies under the tax net.

“It (modified draft of DTC) will be ready in a day or two. Then we will take it to the law Ministry and do the drafting. Once the drafting is done, we will take the note to the Cabinet and the official amendments to the Direct Taxes Act, 2010, I hope to place it in the Monsoon session,” he told the news agency.

The month-long monsoon session of Parliament is expected to start in late July.