UPA to introduce new Direct Tax Code in monsoon session

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Mineguruji

09 June, 2010

The UPA government proposes to introduce a simplified Direct Tax Code in the coming monsoon session in the Parliament, which will replace the present Income Tax Act and also free the common man from the clutches of Chartered Accountants.

THE UPA government proposes to introduce a simplified Direct Tax Code in the coming monsoon session in the Parliament, which will replace the present Income Tax Act. The new code aims to free the common man from the clutches of Chartered Accountants and Income Tax lawyers as the present system is perceived to be quite complicated and cumbersome.

Union Finance Minister Pranab Mukherjee on Wednesday said that the draft of the new tax code is under revision and it would tabled in the Parliament in the monsoon session. Right now the various issues of concern are being taken into consideration and a discussion paper will soon be introduced in the public domain, he said.

Mukherjee further said that this legislation will be progressive and will help in rationalisation of tax structure and improvement in administration. This is he said will also lead to better tax compliance and give a boost to the direction tax collection, which has already increased from 4.1 per cent to 6.1 per cent.

The FM also revealed that direct taxes had witnessed a 24 per cent growth rate in the last five years.