New Delhi : The Rajya Sabha Friday passed the Finance Bill for the current fiscal (2007-08) by a voice vote as Finance Minister P. Chidambaram assured that a new code for income tax would be introduced in the monsoon session.
"We are in the last leg of drafting the new income tax code," Chidambaram said, while agreeing to the observations of members made during the debate on the national budget that India's direct tax laws were extremely complicated.
"I shall be able to introduce it in parliament by the end of monsoon session."
The Lok Sabha had also passed the bill Thursday after incorporating the changes made by the finance minister in respect of some direct and indirect tax proposals.
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