The Direct Taxes Code (DTC) Bill, which seeks to overhaul the 50 year-old Income-tax laws, will be brought in Parliament in the monsoon session. Finance Minister Pranab Mukherjee stated this in the Rajya Sabha today as he moved the Appropriation No-3 Bill 2012 alongwith Finance Bill, 2012 for consideration and passing. It has already been approved by the Lok Sabha.

Mr. Mukherjee said he will have the opportunity after the Budget session is over, to go through all the recommendations of the Standing committee and thereafter approval of the Cabinet. The Minister said he could not go through the all the recommendations the Standing Committee on DTC as the report was given on March 9 and Finance Bill presented on March 16. The DTC Bill will have far reaching consequences on the income tax laws in the country as it replace the Income-tax Act, 1961.

Our correspondent reports, the Parliamentary Standing Committee on DTC, headed by senior BJP leader Yashwant Sinha, in its report had given a number of recommendations, including raising income tax exemption limit to 3 lakh rupees from 1.8 lakh rupees now. He also announced many measures to provide relief to the jewellery sector and postponed implementation of the general anti-avoidance rules (GAAR) by a year.

The Minister announced the government has decided to withdraw the levy of one per cent excise duty on all precious metal jewellery, branded or unbranded, with effect from March 17, 2012.