Tax code proposals illustrative, open to discussions: FM

New Delhi, Oct 23 (PTI) The government has identified seven critical areas of concerns, including taxation of retirement benefits, in the draft Direct Taxes Code and proposals are just "illustrative" and open to discussions, Finance Minister Pranab Mukherjee has said.

There is no need to think that a decision has been taken as these proposals are only "illustrative" and open for discussions, Mukherjee told PTI.

The government plans to implement the Code from 2011-12 after addressing all concerns relating to controversial proposals like taxation of retirement savings, weeding out incentives for housing loans and changes in the Minimum Alternate Tax (MAT).

Giving the roadmap for the Code that will replace the Income Tax Act of 1961, he said, "It will be implemented from 2011. So, the finance bill of 2011-12 would be appropriate.