Cabinet approves direct tax bill - minister

NEW DELHI Thu Aug 26, 2010 7:04pm IST

Tax payers line up to submit their income tax returns in New Delhi September 30, 2003. REUTERS/Kamal Kishore/Files

Tax payers line up to submit their income tax returns in New Delhi September 30, 2003.

Credit: Reuters/Kamal Kishore/Files

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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)

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