DTC delayed?

View quick summary With the Winter Session of Parliament about to conclude, it has raised a question mark on the timely enforcement of the DTC. The DTC was tabled in the Lok Sabha in August 2010 with the objective to simplify tax rules and broaden the tax base. It is to supersede the current Income Tax Act, 1961.
The DTC already missed its first deadline of April 2011 with the government wanting to give time to industries to get accustomed to the upcoming system. Looking at the current inhibitions, it may miss the April 2012 deadline too.
As a last minute “fix-it” response, the Finance Ministry has rolled up its sleeves to identify those DTC provisions that cannot wait for another year. It is believed that some International Taxation measures such as the Controlled Foreign Corporation and the General Anti-Avoidance Rules may be picked up.
The Finance Ministry considers announcing some DTC provisions in the Budget 2012-13. All hope is not lost.