Pranab to be ready with DTC Bill by monsoon session

The Direct Taxes Code (DTC) Bill, which will be introduced in Parliament during the monsoon session, incorporates most of the recommendations of the standing committee on DTC, finance minister Pranab Mukherjee told the Rajya Sabha today.

Moving the Finance Bill, 2012 in the Rajya Sabha today, the finance minister said he planned to go through all the recommendations of the standing committee after the budget session so that it can be approved by both houses of Parliament during the monsoon session.

''I will have the opportunity after the budget session is over, to go through all the recommendations and thereafter bring the DTC Bill for approval of both the Houses in the next monsoon session,'' he said.

Mukherjee said he could not go through all the recommendations of the standing committee on DTC as the time lag between receipt of the report on 9 March and presentation of the Finance Bill on 16 March was very short.

''It was quite natural that I could not take into account all major recommendations on the DTC,'' he added.

The DTC Bill, which will replace the Income-Tax Act, 1961, will have far reaching consequences on the country's direct tax laws.