« Direct Tax » Open DEMAT Account in 24 hrs  ITR 2024 25 Check tax department s update on TDS and refunds  Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains  Income tax exemption: 4 financial instruments you can still invest into before March 31  CBDT drops small tax demands but not TCS, TDS claims  ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount  Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?  Average tax return processing time cut to 10 days: CBDT  7 types of Income Tax Notice ITR filers may receive for AY 2023-24  ITR filing: Do these advance preparations before filing your income tax return  What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?  ITR filing: Tax rules on income from house property that your should know «  Budget 2012 India: Key direct & indirect tax proposals... Union Budget 2012-13: Timing of implementation on GST, DTC... » Direct Tax Code likely to become effective from FY'14: Pranab March, 19th 2012 Finance Minister Pranab Mukherjee today expressed hope that the direct tax regime would become effective from 2013-14.   Responding to a query in a post-budget interaction with industry leaders, he said the DTC legislation would be in place in 2012-13, but "effect would be from the next year onwards".   Standing Committee on Finance headed by Senior BJP leader Yashwant Sinha scrutinised the DTC Bill and submitted the report to Parliament on March 9.   On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advance Pricing Agreement (APA), have already been proposed in the Budget 2012.   DTC will replace the Income Tax Act, 1961.   On the proposed Goods and Services Tax (GST) regime, the Finance Minister said the government was working on a model legislation for the new indirect tax regime.   "So far the progress is GST is concerned, I can share with you that only model legislation we are working," he said and stressed upon political consensus for early implementation of the legislation.   The GST Constitutional Amendment is currently with the Standing Committee on Finance.   The proposed GST would subsume most indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.