« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  North Block`s endangered species... Face value: Tax reformer par excellence... » Income Tax code ready: FM January, 02nd 2008 The much-awaited draft of the Income Tax code, which is expected to simplify and replace the existing law, is ready and will be released along with a discussion paper, Finance Minister P Chidambaram said today, but did not put any time-frame for its release.   The Income Tax code is ready as of yesterday. But I am not in a position to release the code because I have decided that I will release it along with a discussion paper, said Chidambaram.   The discussion paper would explain the reasons for writing the code, what are the changes between the old law and the new law and the rationale of these changes, he said.   The draft of the discussion paper that was shown to me is 70-page long, I am trying to compress it to about 50-60 pages. I have cleared only 25 pages of that, he said.   Once the discussion paper is ready, the code would be floated along with it for wider consultations.   When will that happen I cannot say, depending on how much time I would find to clear the discussion paper. But the code will be released only with discussion paper, he said.   To a question, he explained that the code is only a draft, which will be discussed for one year in the country and will probably be introduced two years after.   He said the code is not an amendment to the Income Tax Act, but was based on different assumptions for an emerging economy.   I am not taking IT Act and amending it. I am writing a new code, based on very different assumptions, very different postulates, very different outlook to direct taxes, he said.