With the consultation process for the direct taxes code over, the proposals on taxation for salaried employees and income from house property may undergo some changes.
There could also be a relook at the proposals on the minimum alternate tax, capital gains tax, double-taxation avoidance agreement, general anti-avoidance rule, taxation of charitable organisations and foreign companies, and taxing investment at the withdrawal stage.
According to the code, income from a house, which is not occupied for the purpose of any business by its owner, will be taxed under the ‘income from house property’ head.