No Major Changes By Way Of Amendments To The Income Tax Act-Chidambaram

The vote-on-account is to be presented in Parliament on February 17. The finance minister made it clear that no major changes by way of amendments to the Income Tax Act, Customs Act or Excise Act could be made in the vote-on-account as it is not a full-fledged Budget.

This would be the prerogative of the new government that takes over after the Lok Sabha elections.

Chidambaram said his vote-on-account would be short, between 12 and 18 pages, and he would prefer a debate.

In view of the heavy agenda before the last session of the 15th Lok Sabha, the government is not likely to push the Direct Taxes Code, which seeks to replace the over 50-year-old Income Tax Act.