When was the Direct Tax Code Bill introduced in the Parliament of India?

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SSC CHSL Tier-I Exam 2022 Official Paper (Held On: 10 March, 2023 Shift 2)

Answer 1

The correct answer is 2010.Key Points

On 12 August 2009, the first draft of the Direct Tax Code Bill was created.
In 2010, a Revised Discussion Paper was created.
In 2010, The Direct Tax Code bill was introduced in Parliament, and a Standing Committee of Finance (SCF) was appointed for a detailed discussion.
In 2012, the committee submitted its report to Parliament.
In 2014, a revised version of the Direct Tax Code was created after the committee report.
The bill lapsed due to the change in government after the general elections.
In 2017, An expert committee was set up to draft a fresh Direct Tax Code.
In Aug 2019, the task force report was submitted to the Finance Minister.

Additional Information

Tax Type	Description
Income Tax	A tax on the income earned by individuals, HUFs, companies, and other entities.
Goods and Services Tax (GST)	A value-added tax on the supply of goods and services, which replaced several indirect taxes such as excise duty, VAT, and service tax.
Corporate Tax	A tax on the profits earned by companies and other business entities.
Capital Gains Tax	A tax on the profits earned from the sale of capital assets such as property, shares, and mutual funds.
Wealth Tax	A tax on the net wealth of individuals and HUFs, which was abolished in 2015.
Customs Duty	A tax on the import and export of goods across India's borders.
Excise Duty	A tax on the production and manufacture of goods within the country.
Securities Transaction Tax (STT)	A tax on the purchase and sale of securities such as stocks, bonds, and mutual funds.
Professional Tax	A tax on the income earned by professionals such as doctors, lawyers, and chartered accountants.
Property Tax	A tax on the ownership or occupation of property, which is levied by local authorities such as municipalities and panchayats.