Direct Taxes Code to be implemented from April 1, 2011
Union Minister of State for Finance S S Palanimanickam said the Direct Taxes Code would be implemented on April one, 2012.
"It will be implemented on April 1, 2012. There is no change in that...", he told reporters.
In August, the Government delayed the implementation of the DTC to next fiscal. The Direct Taxes Code Bill was supposed to be implemented by April one, 2011.
Stating that the Bill was currently discussed at various levels, he said, "Parliamentary standing committee" would give its report and the Government would take a decision on the implementation.
Earlier, while participating at a seminar on "Direct Taxes Code, Capital Gains, Non-Profit Organisation, Survey, Search and Seizure", organised by All India Tax Payers' Association and Periyar Maniammai University, he appealed to the participants to express their issues or suggestions on any modifications on the DTC.
"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.
Income Tax Chief Commissioner (I and CCA region) Prema Malini Vasan said through this move any body can understand on the terms used in the DTC. "Earlier, if a lawyer needs to know about the DTC, then he should either learn Chartered Accountancy or approach a CA. But by making modifications, even a common man can understand it..", she said.
The delayed implementation of the DTC, which is a replacement of Income Tax Act 1961 would give corporates and individuals enough time to set themselves on the right foot for the switchover.
As per the Bill, income of Rs 2-5 lakh would be taxed at 10 per cent, Rs 5-10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.