FM Not Likely to Present Tax Reform in Budget Session: Report

During budget session, Union Finance Minister Pranab Mukherjee is not going to present a major tax reform to cut corporate tax and simplify income tax rules, reported the Business Standard citing unnamed sources.

The Direct Taxes Code bill was expected to be produced in the budget session of Parliament which begins on February 22 so that it came into force from April next year.

In its present form, the Direct Taxes Code has several complications and required further scrutiny, said the newspaper citing unnamed senior government official.

Also, the newspaper reported that the Centre might delay the major tax reform bill to the next session of Parliament, which begins in July.