DTC may miss monsoon session parliament

The first draft of the Direct Tax Code was really this P Chidambaram's baby and he had worked very hard on it. However, with stake holder consultation it was diluted to a version which is almost the same as the current income tax act.

Now, today  Finance Minister Chidambaram did say that there are about 120 recommendations of the standing committee that need to be studied and as a new Finance Minster who has taken charge, he would like to go through those.

Sources in the Finance Ministry say if that is to be done and a task force analysing the recommendations of the standing committee there is just not enough time for the DTC to be introduced in the monsoon session of Parliament which starts on the August 8. So, we would probably have to wait for the winter session for that to happen.

So, it remains to be seen whether from the April 1 2013, DTC will be implemented.