Chidambaram decides to take a look at DTC again - August 28, 2012

DTC, Chidambaram’s contrivance during UPA I’s tenure has gone through many variations and versions since it was first drafted to replace Income Tax Act, 1961.

DTC, Chidambaram’s contrivance during UPA I’s tenure has gone through many variations and versions since it was first drafted to replace Income Tax Act, 1961. These additions and variations are mainly tax exemptions initially non-existence in the first bill that the Finance Minister wishes to give a new look. Chidambaram also expressed the need to enforce stringent reforms to deal with those for whom “non-compliance is a business” and bring simplicity and support to the compliant taxpayers. The Finance Ministry with respect to this will also be reviewing retrospective tax amendments and GAAR (General Anti-Avoidance Rules).

Source: www.thehindu.com, August 28, 2012. “DTC needs fresh look: Chidambaram”

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