Pranab promises revised DTC draft to India Inc

NEW DELHI: Finance Minister Pranab Mukherjee today assured India Inc that the Government would come out with a revised direct taxes code ( DTC) draft and seek their comments before finalising it.

"We will prepare a revised draft (of DTC) and that will be placed in the public domain for getting comments...but that will be for a shorter period," he said while addressing the concerns of India Inc at a joint post-Budget meeting organised by industry chambers Ficci, CII and Assocham here.

The Government, he further said, will consider suggestion of the industry to raise savings limit for personal income tax payers next year.Currently, individuals can seek tax exemption on savings up to Rs 1 lakh in a year, in addition to Rs 20,000 in infrastructure bonds.

The Government had come out with the draft DTC which will replace the Income Tax Act of 1961 last August and had sought comments from various stakeholders. The industry had expressed concerns over the provisions of the DTC, including the new method for computing minimum alternate tax (MAT).

Mukherjee said, he will finalise the legislation only after taking into account the comments of the industry.