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Jun 16, 2010

Govt likely to Introduce Direct Tax Code Bill in Parliament Monsoon Sessino

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In order to replace half a century old Income Tax Act in the Parliament government has decided to introduce Direct Tax Code bill in the forthcoming monsoon. It has been reported that the revised draft legislation addresses major concerns like Minimum Alternate Tax (MAT) and Taxation of long-term savings.


It has been reported that a sharp rise in the advance tax payment for April – June quarter of this fiscal has enabled the government to collect higher tax from the Corporate India. The statistical data collected by some of the media experts reported that LIC paid an advance tax of Rs533 crore compared to Rs469 crore last year, Housing lender HDFC ltd paid an advance tax of Rs215 crore as against Rs175 crore in April – June last fiscal, YES bank paid Rs50 crore compared to Rs27crore and Aditya Birla group company HINDALCO paid Rs55 crore compared to Rs45 crore last year.

Thus the government proposes to collect Rs3.01 lakh as corporate tax during the current fiscal as compared to Rs 2.5 lakh crore in the previous fiscal.

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