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According to Finance Minister Pranab Mukherjee, the government had identified seven critical areas in the Direct Taxes Code (DTC) for further scrutiny before finalising the draft. These include the move to impose Minimum Alternate Tax (MAT) on gross assets and the proposed shift in the system of taxation of savings schemes. Mr. Mukherjee asked India Inc to suggest another provision to the Minimum Alternative Tax on gross assets.

In particular, the proposed change in the calculation o ...