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

Related Topics

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)

FILED UNDER:
  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Intel's Valuation

Intel's Valuation

Intel could rise 30 percent over next two years - Barron's.  Full Article 

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

Bulgari CEO: we shouldn’t have left India so we’re back.  Full Article 

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes.  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage