Government ambiguous on Direct Tax Code, says Bill has lapsed
As per the Government, the Direct Taxes Code, which proposed revamp of the six-decade old Income Tax Act, has lapsed. No commitment has been given on reviving the same.
The Minister of State for Finance Nirmala Sitharaman gave a written reply to a question in Rajya Sabha which said that with the dissolution of the 15th Lok Sabha, the Direct Taxes Code Bill, 2010 has lapsed. The DTC, which proposed replacing the old Income Tax Act of 1961, was introduced in the Lok Sabha on August 30, 2010.