Direct Taxes Code to be implemented from April 1, 2011
October, 26th 2010
The Direct Taxes Code (DTC) would be implemented from April 1, 2011, Union Minister of State for Finance S S Palanimanickam said.
Addressing an Awareness Seminar on Direct Taxes Code Bill 2010, organised by All India Tax Payers Association and the Periyar Maniyammai University, he said the DTC had drawn wide appreciation from the tax payers.
The seminar was organised to create tax awareness for the benefit of the public and was attended by members of various chambers of commerce and trade bodies in Chennai.
Mr Palanimanickam said more than 80 per cent of tax payers who had responded to an online survey, conducted by the Ministry on the proposed draft, expressed satisfaction and termed it as simple to understand.
Public views would be collected across the country and considered by the Ministry.
Constructive views would be directed to the standing committee, he added.
The DTC would have a catalysing effect on the growth of the infrastructure sector as investment-linked incentives would be provided to business units, he claimed adding it would also lead to a favourable business climate for the benefit of the Indian Industry'.