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India official says to implement direct tax code from next April

Published Updated

NEW DELHI: India will implement the direct tax code (DTC) from April 1, 2013, Finance Secretary R.S. Gujral told television channel CNBC TV 18 on Thursday.

The code, which will replace existing Indian Income Tax Act 1961, intends to cut tax rates to bring more people and companies under the tax net, phase out profit-linked exemptions for companies and replace them with investment-linked incentives.

Copyright Reuters, 2012

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