Bangalore, Apr 9 (ANI): Finance Minister Pranab Mukherjee has said India's direct tax base vis-a-vis the country's overall economy has increased to whopping rupees five trillion.
"I can say it today, that 60 percent of our taxes are coming from the direct taxes. Please remember, our direct tax base is no longer few hundred crores (few billions) of the earlier years, but it is five lakh crores (five trillion), which I have projected in the revised budget estimate for the year," Mukherjee told this on the sidelines of a function here.
His comments came soon after the Central Government announced its plans to roll out a long-awaited direct tax code (DTC) aimed at simplifying archaic tax laws from next year.
The DTC will replace the Income Tax Act and would bring about many changes in personal and corporate taxation.
It intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exemptions for companies and replace them with investment-linked incentives. (ANI)
|
|
Read More: Bangalore Royal Challengers IPL | Bangalore Rural | Central Police Lines | Central Secretariat | Bangalore Gpo | Bangalore City Mdg | Bangalore Corporation Building | Bangalore Fort | Bangalore Dist Offices Bldg | Gb Central Bus Stand | Central Leather Research Insti | Central Vehicle Depot | Central Institute Of Technolog | Central Station | Tuticorin Central Bus Stand | Coimbatore Central | Paloorkavu Central | R.n. Mukherjee Road | Income Tax Building | Kalla Central Hospital
Comments:
