Direct tax code to come into force in April 2012: Pranab Mukherjee

Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the Direct Taxes Code ( DTC), which seeks to modernise tax laws in the country, will come into force from April 1, 2012. "The proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year," he said while addressing an international conference on 'Tax and Equality'. In a bid to modernise the tax system, the government has proposed to replace the Income Tax Act, 1961, with a new legislation. With regard to indirect tax reforms, the minister said, "We are moving toward an economy-wide, generalised value-added tax system of Goods and Service Taxes (GST) at all levels in the country."

Source : Economic Times