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