Panel defers finalising report on Direct Taxes Code

Amid differences over some issues, the Standing Committee on Finance has postponed the adoption of its final report on the Direct Taxes Code (DTC). The Committee is expected to give its nod by March 2, after three more meetings. “It has been agreed to have meetings on February 17, 24 and March 2, as members want more discussion on the entire report,” said a source close to the developments. The Committee's report may help the Government introduce some provisions of the proposed code in the Budget for 2012-13. It is believed that it has favoured raising the income-tax exemption limit to Rs 3 lakh against Rs 2 lakh proposed in the code. At present, the limit is Rs 1.80 lakh for men below 60 years, Rs 1.90 lakh for women below 60 years and Rs 2.50 lakh for those aged 60 to 80 years.

Source: The Hindu Business line