The much awaited Direct Taxes Code may be introduced in the monsoon session of Parliament as per finance minister Pranab Mukherjee.
Nine major concerns that issued from the first draft of the Code, include taxation of savings, taxation of minimum alternate tax, capital gains tax and foreign taxation among others.The minister also assured that all the concerns voiced by stakeholders have been considered while redrafting the Code. He was addressing the Central Direct Tax Advisory Committee.
It is reported in the media that the finance minister said that with regard to exchange of information, the government is taking several steps so that tax related information could be exchanged with other countries and for bilateral tax co-operation. The government has written to 65 countries to make exchange of information more effective and to remove the secrecy clause.