In 2009, the government released the Direct Taxes Code 2009 (DTC 2009) along with a discussion paper. The DTC 2009 proposed to replace the Income-tax Act, 1961 and the Wealth-tax Act, 1957.
After receiving several representations from across stakeholders, the government issued a revised Direct Taxes Code 2010 (DTC 2010). The DTC 2010 addressed the issues and concerns raised by various stakeholders. The DTC 2010 was referred to a Standing Committee on Finance (the Committee or SCF) headed by the former Finance Minister, Mr. Yashwant Sinha.
The Committee prepared a report providing its recommendations after collating the representations made by various stakeholders and the response of the Ministry of Finance (MoF). The report was released recently.
This PwC Alert contains the key provisions relevant for both residents and non-residents. The response of the MoF and the recommendations of the Committee provide clarity and are indicative of the forthcoming approach that can be expected in the final version of the Direct Taxes Code to be released.
Click on the accompanying attachement for more..
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