Personal Finance

The finance ministry has decided to go slow on its radical proposal for changes in tax rules. The public resistance following the initial release of direct code 2011 draft by the government has forced the ministry to put out a new discussion paper of the final draft of direct tax code (DTC) that, inter alia, will go slower in reducing tax rates while retaining a part of the exemptions available for long-term capital gains on shares, provident funds and pension payments.