Mumbai: The Direct Taxes Code (DTC) Bill, which aims to overhaul the over 50-year-old I-T Act, is almost ready and will be taken up in the Monsoon session of Parliament, Finance Minister P Chidambaram said on Friday.

"I am just writing the Direct Taxes Code. We will introduce it in the Monsoon session. We have another week's work on that," he said.

The Finance Minister was here to attend the Silver Jubilee celebrations of market regulator SEBI. The DTC Bill was introduced in Parliament in 2010 and was referred to the Standing Committee on Finance headed by senior BJP leader Yashwant Sinha.

Among other things, the Committee had suggested raising the income tax exemption limit to Rs 3 lakh as against Rs 2 lakh proposed in the original DTC Bill. On corporate tax, it recommended that the rate be retained at 30 percent.


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