Chidambaram says will introduce direct tax code in monsoon session
MUMBAI (Reuters) - Finance Minister P. Chidambaram said on Friday he would introduce a bill for a direct tax code (DTC) during the monsoon session of parliament.
The code, which will replace the existing Indian Income Tax Act 1961, is intended among other things to rationalise tax rates to bring more people and companies under the tax net.
The month-long monsoon session of parliament is expected to start in late July.
Chidambaram's comments came at an event in Mumbai commemorating the 25th anniversary of the capital market regulator.
(Reporting by Neha Dasgupta; Writing by Rafael Nam; Editing by Catherine Evans)
- Tweet this
- Share this
- Digg this
The Sensex is forecast to scale new highs next year after elections, attracting offshore funds despite an expected rough period for emerging markets when the Fed shifts monetary policy, a Reuters poll showed. Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article