Direct Tax Code

The new draft Direct Tax Code that came under fire from all quarters looks all set to be completely overhauled. Items in the new code such as asset-based minimum alternate tax and exempt-exempt-tax regime for individual retirement savings did not go down well with the CBDT and its field formations, which have sent out a comprehensive report countering the proposals in the code. With a rewriting exercise underway, implementation of the new tax law from April 1, 2011 looks difficult. – THE ECONOMIC TIMES, NEW DELHI, DECEMBER 10, 2009

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