According to senior Government official, the long waited Direct Tax Code Bill is most likely to come into action by the Monsoon Session of Parliament 2010. The so called bill will replace the taxation system that companies in India have been following for the past fifty years.

At a seminar on Direct Tax Code Bill, Joint Secretary, Ministry of Finance, Arobind Modi said, “We are hoping that by the 2010 monsoon session it should be legislation.”

Mr. Modi added that the government has been trying its level best to make all the required arrangements by the mid-night of March 31, 2011 in order to ignore any uncertainty during its execution.

“After we draft the rules, we will put it in public domain for suggestions. We hope to wrap it up before mid-night of March 31, 2011,” Mr. Modi said.

With the implementation of Direct Tax Code Bill, a new period of taxation should make a clear tax structure substituting a highly complex taxation system.