Centre sticks to DTC deadline
Chennai, Oct. 25: The Centre on Monday ruled out any further change in the scheduled implementation of Direct Taxes Code (DTC) from April one, 2012 and said suggestions on the related bill, pending with a Parliamentary panel, could still be given.
“It will be implemented on April 1, 2012. There is no change in that”, the union minister of state for finance, Mr S. Palanimanickam, said, and added the bill was currently discussed at various levels.
Parliamentary standing committee would give its report and the Government would take a decision on the implementation, Mr Palanimanickam said.
Earlier, at a seminar on DTC, organised by All India Tax Payers’ Association and Periyar Maniammai University, he appealed to the participants to make suggestions for modifications to the proposals.
“There is still time for you to express any issues on the Code.” he said, adding that any modifications on the DTC could also be sought.
After criticism by various quarters, the government had dropped its earlier proposals on taxing long term savings like provident funds and imposing minimum alternate tax (MAT) on gross assets of companies. In August, the government decided to delay the implementation of DTC by a year from April one, 2012. Earlier, DTC was supposed to be implemented from April one, 2011.
The government would lose about `53,000 crore in tax revenue on account of the increase in exemption limits and tweaking of slabs in the Direct Taxes Code Bill.
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