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DTC bill to become a law in July

Calcutta, March 18: The direct tax bill is likely to be passed in the monsoon session of Parliament.

“A special session of Parliament will be convened by May-end or June for the passage of the direct tax bill after accommodating the recommendations of the parliamentary standing committee on finance. Hopefully, the legislation will be enacted in July when Parliament meets for the monsoon session,” revenue secretary Sunil Mitra said on the sidelines of a CII conference here today.

The current budget session has been truncated because of the general elections in five states. A special session will be convened by May-end or in June to introduce several bills that finance minister Pranab Mukherjee had promised to put before Parliament.

Meanwhile, the parliamentary standing committee on finance, headed by Yashwant Sinha, has sought some clarifications and inputs from the revenue department on the basis of representations it has received from the public.

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