Finance Minister Pranab Mukherjee today said Direct Tax Code, DTC Bill will be introduced in the Monsoon session of Parliament. He stated this while introducing the Appropriation No-3 Bill 2012 along with the Finance Bill 2012 in the Rajya Sabha. The Finanance Minister announced the roll back of the excise levy on all branded and unbranded jewellery with effect from 17th of March this year. He said the government has decided to withdraw it considering the sentiments of the people both within and outside the House. The Finance Minister clarified that the government will remove a provision which puts the onus on the tax payer to prove that there has been no tax avoidance. He said now the onus would be on the tax officials. The Minister said that government has also removed the tax deducted at source on sale of property. He said, said the Central Board of Direct Taxes have been asked to issue a circular to clearly state the position after the passage of the finance bill. The Lok Sabha has already passed the Bill.
News On AIR | May 15, 2012 2:00 PM
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