Direct Taxes Code will take in stakeholders' inputs

Direct Taxes Code will take in stakeholders' inputs
The Hindu Business Line, December 17, 2009, Page 15

Our Bureau, New Delhi

The Government will take inputs from various stakeholders before giving final shape to the proposed Direct Taxes Code.

This assurance was given by the Union Finance Minister, Mr Pranab Mukherjee, while addressing the second meeting of the Parliamentary Consultative committee attached to the Finance Ministry. It was the second meeting on the issue of the Direct Taxes Code.
Main issues

The main issues raised on the DTC include minimum alternative tax on gross assets, provisions relating to taxation of foreign companies, residential status of foreign companies—their control and management, General Anti-Avoidance Rule, taxation of charitable organisations, shift from EEE to EET method of taxation of savings, capital gains taxation and deduction of interest on housing loan, etc.

Mr Mukherjee assured the members that these identified issues were under deliberation and a considered view would be taken on them in the coming days. The Finance Minister noted that the suggestions and concerns raised by the members of the consultative committee were of great importance and would help shape out a tax policy that could meet the aspiration and expectations of the younger generation and also of the globalised corporate sector.

The meeting was attended by Mr Shantaram Naik, Mr Rahul Bajaj, Mr Rajeev Chandrasekhar, Mr Sabir Ali, Mr Mukut Mithi, Mr N. K. Singh, and Dr E. M. Sudarsana Natchiappan - members of Rajya Sabha.

Mr Partap Singh Bajwa, Mr Mukesh B. Gadhvi, Mr Suresh C. Angadi, Mr T R Baalu, Mr M. S. Reddy, Mr Neeraj Shekhar and Ms Rajkumari Ratna Singh – members of Lok Sabha attended the meeting.