The cabinet today approved the proposed New Direct Tax Code Bill. It will replace the existing Income Tax Act, 1961. The bill is expected to be introduced in the Lok Sabha on Monday and is likely to be referred to a Standing Committee. It may be recalled that Finance Minister Pranab Mukherjee had reiterated in his budget speech the commitment to bringing into fore the new Direct Tax Code – DTC – into force from 1st of April next year. Our correspondent says the new code is aimed at overhauling the existing tax proposals not only for individual tax payers, but also corporate houses and foreign residents.