New tax code from April 2011, says Pranab
It will come into effect from April 1 next year.
New Delhi: Finance minister Pranab Mukherjee on Friday said the uniform Direct Tax Code (DTC) will come into effect from April 1 next year.
"We have already begun wide discussions before implementing the uniform Direct Tax Code by April 1, 2011. We are involving people and other stake holders on its design," said the finance minister while presenting the General Budget for 2010-11 in the Lok Sabha.
The new code seeks to replace the 50-year-old Income Tax Act - that has seen as many as 4,500 amendments since it was enacted in 1961 - to reflect the needs of an emerging economy.
The DTC has been criticized widely including from various political parties who feel that the measure has failed to come up to the aspirations of modern India.