Views on proposed direct tax code sought

Tax-payers should not miss an opportunity to send their objections and suggestions on the proposed Direct Tax Code (DTC) before it takes wings in the form of legislation, said Additional Commissioner of Income Tax Sibichen K. Mathew.

Speaking at a workshop on “Analysis of the revised direct taxes code” organised by the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) here, Mr. Mathew said the Ministry of Finance had received only 10,000 comments on the draft DTC of which only 1,600 were considered as majority of them were similar in nature.

He said the people should come out of their lethargy and review the proposals made in the DTC as it is they who would be affected from the proposals once it is enacted. “Please do not miss the bus. Act before the code replaces the existing Income Tax Act as the tax-payers may not get an opportunity for next 100 years for review comprehensively the proposed tax laws.”

Pointing out that it is for the first time that the country had been witnessing such an open debates and discussion on what kind of income tax should be adopted by Parliament, Mr. Mathew assured the industry representatives and the tax-payers that the Ministry would always consider the suggestion that comes with genuine reasoning.

Tax on retirement benefits are the ones that affects the working class — be it government or private sector — and they should not lose an opportunity to impress upon the difficulties faced by them due to the taxing mechanisms proposed in the code, he added.

FKCCI president N.S. Srinivasa Murthy and chairman of federation's Committee on Taxation and Banking K. Ravi said that the withdrawal of exemptions to the special economic zones will discourage the large investors, who are eager to invest in the State.

  • Ministry received only 10,000 comments on the draft DTC
  • ‘Act before the code replaces the existing Income Tax Act'

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