Direct Tax Code (DTC) Progress

Allaying apprehensions about the proposed Direct Tax Code (DTC), Union finance minister Pranab Mukherjee on Saturday assured an audience of nearly 1,300 overseas Indians that the regulations were still being formulated and there was no firm decision yet. Clarifying that no decision has been taken in terms of DTC as the bill is currently being scrutinized by a parliamentary standing committee, Mukherjee said it is a wrong perception that an NRI becomes an Indian resident for the purpose of taxation if he stays in India for 60 days in a financial year.