The Direct Taxes Code (DTC) Bill, which would replace the Income Tax Act,1961 will be introduced in the Monsoon Session of Parliament and most of the recommendations of the Standing Committee will be accepted, reports said citing Finance Minister Pranab Mukherjee.
Mukherjee was speaking in the Rajya Sabha as he moved the Finance Bill, 2012 for consideration and passing. It has already been approved by the Lok Sabha.
DTC was aimed at being introduced from FY13, but Mukherjee said he could not go through all the recommendations of the Standing Committee on DTC as the report was given on Mar 9 and the Finance Bill was presented on Mar 16.
The Parliamentary Standing Committee on DTC, headed by senior BJP leader, Yashwant Sinha, in its report had given a number of recommendations, including raising the income-tax exemption limit to Rs.3 lakh from the present Rs.1.8 lakh.