Finance Minister Pranab Mukherjee made the announcement in the Rajya Sabha today as he moved the Finance Bill, 2012 for consideration and returning. It has already been approved by the Lok Sabha.
"I will have the opportunity after the Budget session is over, to go through all the recommendations (of the Standing Committee) and thereafter approval of the Cabinet, in the next monsoon session bring the DTC bill for approval of the both the Houses," he said.
"...And at that stage many of the recommendations of the standing committee will be accepted," Mukherjee said.
The minister said he could not go through the all the recommendations the Standing Committee on DTC as the report was given on March 9 and Finance Bill presented on March 16.
"...Therefore it was quite natural that I could not take into account all major recommendations on the DTC," he said.
The Parliamentary Standing Committee on DTC, headed by senior BJP leader Yashwant Sinha, in its report had given a number of recommendations, including raising income tax exemption limit to Rs 3 lakh from Rs 1.8 lakh now.
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Other recommendations of the panel on DTC Bill include hiking the investment limit for tax savings schemes to Rs 3.20 lakh and pegging wealth tax limit at Rs 5 crore.
It also recommended abolition of the STT. As regards the corporatetax, it, recommended that the rate be retained at 30 per cent.