The government today said a discussion paper on Direct Tax Code, which seeks to simplify the tax laws, will be released by August 20.
"The preparation of a simplified new income tax law is in progress. The new Direct Tax Code will be released along with the discussion paper by August 20," Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply.
While presenting the Union Budget for 2009-10, Finance Minister Pranab Mukherjee had said that in order to bring in tax reforms in the country the government will bring the new DTC within 45 days.
"The Direct Tax Code, along with a discussion paper, will be released to the public for debate. Based on the inputs received, the government will finalise the Direct Tax Code Bill for introduction," the Finance Minister had said.