Cabinet approves direct tax bill - minister
NEW DELHI (Reuters) - The cabinet on Thursday approved a bill to simplify the country's archaic direct tax laws, law minister Veerappa Moily said.
The direct tax code bill is a key reform aimed at widening the tax net and increasing revenues for the central government.
The government will seek approval on Monday from parliament where the bill is expected to go through as the measure enjoys broad political support.
The proposed tax reform will cut tax rates to bring in more people and companies under the net, phase out profit-linked exemptions for firms and replace them with investment-linked incentives.
(Reporting by Nigam Prusty; Editing by Surojit Gupta)
(For more business news visit Reuters India)
- Tweet this
- Share this
- Digg this
- One dead, one wounded in shooting in Chicago financial district
- Israel, Palestinians locked in vicious circle of Gaza wars
- U.S. says hopeful of WTO deal with India only hours before deadline
- UPDATE 2-Bombardier plans more job cuts, Russia plans intact
- Netanyahu vows to complete Gaza tunnels destruction
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article