Question : TAX CONCESSIONS

(a) the details of tax exemption/concession/rebate facilities available at present;

(b) the details of requests/proposals received in this regard by the Central Government during the last three years and the current year;

(c) whether an assessment of the positive impact of such facilities has been made and if so, the details thereof and reaction of the Government thereto;

(d) the details of consultations held over the Direct Taxes Code (DTC) and points incorporated therefrom; and

(e) the time by which new tax regimes are likely to be brought about in the country?

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)

Part (a): The tax exemption/concession/rebate facilities available at present are as per the existing provisions of the Income-tax Act, 1961.

Part (b): Different tax exemptions/concessions as prescribed under existing provisions of the Income-tax Act, 1961 are granted by the Central Government or by various competent authorities in the Income-tax Department, who deal with such requests/proposals in accordance with law. No centralised data is maintained in respect of the details of such requests/proposals received .

Part (c) : The purpose of direct tax exemptions and concession provisions is, in general, to facilitate and promote social, cultural and economic welfare. Although the revenue forgone in respect of direct tax exemptions/concession/rebate granted in the Income-tax Act 1961 is ascertained by the Central Board of Direct Taxes (CBDT), no structured assessment of positive impact of such provisions is undertaken by the Income-tax Department.

Part (d) and (e) : Draft Direct Taxes Code (DTC) 2009 along with Discussion Paper was released on 12th August 2009 for public consultation and feedback. After receiving inputs from various stakeholders a revised discussion paper was released. The inputs on the revised discussion paper have been considered and incorporated in the DTC Bill, 2010 which is pending before the Parliament. The DTC Bill was referred to the Standing Committee on Finance for examination. The report of the Standing Committee on Finance on the DTC Bill, 2010 was received in the month of March, 2012. The report is under consideration of the Government.