Finance Minister Pranab Mukherjee
today assured India Inc that the Government
would come out with a revised direct taxes code
(DTC) draft and seek their comments before finalising it.
“We will prepare a revised draft (of DTC)
and that will be placed in the public domain for
getting comments…buat will be for a shorter period,” he
said while addressing the concerns of India Inc at a joint
post-Budget meeting organised by industry chambers
FICCI, CII and Assocham here.
The Government, he further said, will consider
suggestion of the industry to raise savings limit for
personal income tax payers next year.
Currently, individuals can seek tax exemption
on savings up to Rs 1 lakh in a year, in addition
to Rs 20,000 in infrastructure bonds.
The Government had come out with the draft
DTC which will replace the Income Tax Act
of 1961 last August and had sought comments
from various stakeholders.
The industry had expressed concerns
over the provisions of the DTC, including the
new method for computing minimum alternate tax (MAT).
Mukherjee said, he will finalise the legislation
only after taking into account the comments of the industry.
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