New Direct Tax Proposal to be Released within 45 Days

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Jul. 8 – India’s Finance Minister Pranab Mukherjee indicated during his Union Budget speech last Monday that a new Direct Taxes Code will be released within 45 days to streamline the tax structure.

The code will finally address the problems of the currently used Income Tax Act of 1961. When the new code is released it will still be up for public debate. “Based on the inputs recieved, the government will finalize the Direct Taxes Code Bill,” Mr. Mukherjee was quoted by the Press Trust of India.

The government will already implement the Goods and Services Tax by April next year that will abolish teh need for indirect taxes.

1 thought on “New Direct Tax Proposal to be Released within 45 Days

    Lt Col (Retired) G Visweswaran says:

    It is suggested to reconsider the following:
    1. Age for Senior citizen category should be 60 instead 65.
    2. For Senior citizens the exemption for tax should be Rs. 4 Lakhs.
    3. Since the Senior citizens other than Government Servoce will have to live on the interest earned from the savings, interest earned should not be considered for taxable income purpose.
    4. If the senior citizen is living in a rented house because of circumstances that rent should be exempted in full.

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