DTC bill to be introduced in next Parliament session: FM
The proposed Direct Tax Code (DTC) bill will be introduced in the next session of Parliament, said Finance Minister Pranab Mukherjee on Tuesday in Rajya Sabha while presenting Finance Bill 2012.
DTC bill was proposed by FM in his last budget presentation, aiming to replace existing Indian Income Tax Act, 1961.
Pranab also announced that strong demands of jewellers to roll back the excise duty on all branded and non-branded ornaments will be scrapped soon from 17th March.
Moreover, he also said that government is considering to remove a provision that puts the burden on the tax payer to prove that there has been no tax avoidance while it would be the onus of the tax officials since after that.
Pranab also said that government has also removed the tax deducted at source on sale of property. He said, said the Central Board of Direct Taxes have been asked to issue a circular to clearly state the position after the passage of the finance bill.
Commenting upon DTC bill, he said that it is expected that house will accept most of the recommendations of the standing committee set for DTC draft.
The Lok Sabha has already passed the Bill.
--With Agencies Inputs--
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