New Delhi, July 31 (IANS) The task force for drafting a new direct tax legislation has been given an extension and will now submit its report on August 16.
"The government has allowed the Task Force to submit its report by August 16 in light of the fact that the new members of the task force requested for more time to provide further inputs," an official statement said.
The task force was constituted in November 2017 to review the Income Tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country. It was to submit its report on July 31.
The task force, led by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan, was also assigned to incorporate in the tax code provisions for reducing litigation and the time taken for deciding on appeals by Income Tax Department officials and the various courts, including high courts and the Supreme Court.
The new Direct Tax Code will try to make personal income tax rates more "progressive" by giving relief to the people in the 5 per cent and 20 per cent slabs. It is also aimed at reforming the complex income tax laws into simpler tax codes with reduced rates, fewer exemptions and tax slabs.
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