Income tax code this year: FM

Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.

Intervening in the debate on Finance Bill 2007-08 in Lok Sabha, Chidambaram said "we will introduce the Income Tax Code during 2007."

Earlier, participating in the debate, Suresh Prabhu urged government to commission a study on increasing tax burden on the common man and review the tax structure.

The member said there was expectation that the income tax code would be introduced in the current session of Parliament.