A diluted tax code may go to Law ministry for drafting

With the consultation process for the direct taxes code over, the proposals on taxation for salaried employees and income from house property may undergo some changes.

There could also be a relook at the proposals on the minimum alternate tax, capital gains tax, double-taxation avoidance agreement, general anti-avoidance rule, taxation of charitable organisations and foreign companies, and taxing investment at the withdrawal stage.

According to the code, income from a house, which is not occupied for the purpose of any business by its owner, will be taxed under the ‘income from house property’ head.