12 July 2009
The Finance Minister has mentioned about Direct tax Code in paragraph 82 of Part B of his budget speech which is reproduced below. In the course of preparation of this budget, I have had a opportunity to interact with large number of stakeholders and receive valuable inputs. Most suggestions were for structural changes in the tax system.Tax reform,like all reforms, is a process and not an event. Therefore,I propose to pursue structural changes in direct taxes by releasing the new Direct Tax Code within the next 45 days and in indirect taxes by accelerating the process for the smooth introduction of the GST w.e.f 01/4/2010. Therefore inference is,it is a draft containing structural changes in the Income tax Act,1961 to be circulated among the general public for opinion,before finalization,within the period mentioned herein above vide paragraph 83 of FM's speech.
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