With the draft direct taxes code being criticised for its proposal to tax long-term savings among others, the finance ministry on Wednesday said a revised draft will be put for public comments within a month for addressing the concerns of all stakeholders.
“The revised draft on the direct taxes code (DTC) will be put in the public domain shortly... I am confident that it will take care of all the concerns expressed by various stakeholders,” the finance minister, Mr Pranab Mukherjee, told the annual conference of chief commissioners and directors general of income tax here.
Central Board of Direct Taxes chairman, Mr S.S.N. Moorthy, later told newsmen the revised draft will be out within a month.
The finance ministry had sought public comments on the first DTC draft which will replace the archaic Income-Tax Act. However, the first draft drew criticism from certain quarters for its proposals to tax long-term savings at the time of withdrawal, imposing minimum alternate tax (MAT) on the basis of gross assets as against profits at present and its silence on offering tax rebates for home loans.
“A new DTC draft is under revision taking into considera tion the areas of concern expressed by various stakeholders,” he said, adding the DTC Bill will be introduced in the monsoon session. “It will indeed be a legislation for the 21st century,” he said. — PTI