DTC to make tax system predictable

Finance minister Pranab Mukherjee on Saturday said the government will try to plug tax leakages through the proposed Direct Taxes Code DTC which will make the taxation regime transparent and predictable.

We are in the process of bringing in a new Act Direct Tax Code which will help in bringing transparency and predictability to the framework of law. We also intend to plug some loopholes which lead to tax leakages, he said after inaugurating an Income Tax building here.

The government had already introduced the DTC Bill in Parliament.