DTC 'No Show' - Over & out?
So the worst fears of Corporate India and tax professionals have now been confirmed by Finance Minister P.Chidambaram. The Direct Tax Code Bill will not be presented in the last session of the current Parliament, which means that the much debated, revised & re-revised Bill will lapse!
So is it the end of road for DTC which has been in the making for better part of the last decade? A case of so near, yet so far especially since the Standing Committee had cleared the Bill with its suggestions? Can a new Finance Minister succeed in evolving consensus on a new tax code? Or will any attempt at a new tax code be a sheer waste of time, as some tax stalwarts believe? Is there some light at the end of a dark tunnel?