POSTED BY February 23, 2012 5:27 pm COMMENTS (4)ON
Just for everyone Information
Direct Tax code , the new bill which was suppose to replace Income Tax Act might not get implement in 2012 as it was expected to. This is because the parliamentary standing committee on finance has expressed its inability to submit its report on DTC in the ongoing winter session. So mostly the DTC can not be implemented in 2012 , because once the standing committee gives its report, then it will be tables in Parliament and only after the debate it can pass , which will take time .
DTC was redrafted after the initial draft and was suppose to fix a lot of issues in current tax laws, but looks like we will have to wait for one more year. source
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4 replies on this article “DTC likely to be delayed in next financial year – Any body knows about it ?”
Dear Manish, already the revolutionary part of DTC (version 2009) has watered down a lot in new DTC (version 2010). Now it seems, there ‘ll be more & more efforts to make any meaningful change. Let’s hope, some radical changes are still there in DTC.
I read an article , where it was mentioned that due to other scams and other issues , there was very less time in focusing on DTC and hence its incomplete and not in its best shape . So one has to wait for it !
I am really watching for DTC to come – but not seeing it coming this year. But you never know !
It would really change the tax & investment planning for my clients and hence it is a pertinent to know what is coming up.
Dear Manish, watching the current political situation, I’m in doubt that any meaningful tax reform in DTC ‘ll come out & there is every possibility that DTC may miss next year’s deadline also.