New Delhi, Nov. 5: The government today said it would address the concerns of the companies and other taxpayers in the new direct tax code.

“The government will make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalising the direct tax code,” finance minister Pranab Mukherjee told a newly formed panel on the direct tax code.

The new tax regime was put up for public debate in August. The code proposes sweeping changes in the taxation of saving schemes, capital gains of non-residents and tax treaties with other countries.

Changes have also been suggested for minimum alternate tax (MAT) based on gross assets and taxation of foreign companies operating in India, charitable firms and house property.

The government is also considering scrapping exemptions on saving schemes and imposing a levy at the time of withdrawal.

“We are trying to bring the new taxation regime, which can last for another 50 years. Therefore, our endeavour is to see that the new system should include the basic features and time tested procedures of existing act, which have survived judicial security over the years,” he said.

Direct tax collections grew 3.92 per cent to Rs 1,73,447 crore during the April-October period from Rs 1,66,905 crore in the same period last year. Taxes paid by companies rose 4.59 per cent to Rs 1,09,996 crore, while the personal income tax mopup increased 2.87 per cent to Rs 63,195 crore. Securities transaction tax grew 3.79 per cent during April-October 2009 to Rs 3,865 crore.

“Lower growth in net collection was mainly on account of a 63.95 per cent increase in tax refund at Rs 33,137 crore against Rs 20,212 crore last fiscal,” said a statement from the Central Board of Direct Taxes.

In October, net direct tax collections were at Rs 20,822 crore. Personal income tax collections grew 16.1 per cent to Rs 11,398 crore, while corporate tax inflow recorded a negative growth of 4.72 per cent at Rs 9,424 crore in October.