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.
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