MUMBAI 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)
Trending On Reuters
State Bank of India, the nation's top lender by assets, reported a better-than-expected 23 percent rise in quarterly profit on Friday and said its bad loan ratio declined sharply, sending its shares up by more than 5 percent. Full Article | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article