The Parliamentary Standing Committee on Finance has passed stenoses against the finance ministry for the delay in bringing in the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
The committee doubts to find that even one year after its recommendation, the amendment Bill is yet to be introduced in Parliament. The Bill will be introduced in Parliament after the feedback and suitable amendments.
The committee thinks that fairly long time has already been taken by the department on this matter. The committee had in 2006-07 suggested that the Bill amending the direct tax laws should be introduced for effective administration of the same laws.
The committee doubts to find that even one year after its recommendation, the amendment Bill is yet to be introduced in Parliament. The Bill will be introduced in Parliament after the feedback and suitable amendments.
The committee thinks that fairly long time has already been taken by the department on this matter. The committee had in 2006-07 suggested that the Bill amending the direct tax laws should be introduced for effective administration of the same laws.
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