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Officials to meet on direct tax code on Oct 13
October, 08th 2009

Cabinet Secretary K M Chandrasekhar will chair a meeting of senior government officials here on October 13 and seek their inputs on the draft direct tax code, meant to overhaul the country's tax regime.    

Special and additional secretaries from most of the ministries are likely to attend the meeting, an official said.    

"Different aspects of the new tax regime will be discussed," he added.    

The meeting will follow Finance Minister Pranab Mukherjee's interaction with heads of leading industry chambers on October 9 on the issue.    

In August, the government put the draft direct tax code in public domain and when approved, it will replace the Income Tax Act of 1961 and other related laws.    

The code suggests abolishing the controversial securities transaction tax but seeks to reintroduce long-term capital gains tax.    

The industry and other stakeholders have expressed apprehensions over the code that needs clarity on several issues, including sops for the special economic zones.

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