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Direct Tax Code draft in 3 months

March, 06th 2010
The revised draft of the Direct Tax Code (DTC), which the finance minister said in his budget speech would be implemented in 2012, is expected to be out soon. Revised draft should be out in another 3-4 months time, S S N Moorthy, chairman, Central Board of Direct Taxes said on Friday. The new draft will be produced taking into account the comments presented by various quarters to the initial draft, which had been put up for public discussion till September 10, 2009. Moorthy also said that the new income tax return filing forms, Saral II, would be released in two months. The form will be applicable to salaried individuals with minimum income interest and income from house property. Asked if the existing Income Tax Return forms will be abolished, he said, We are yet to decide on that.