New Delhi, July 31 (IANS) The report on Direct Tax Code, which was to be submitted on Wednesday, has been deferred and is now likely to be presented on August 16, sources said.
In order to replace the existing Income Tax Act, 1961, the government is aiming to come out with a new Direct Tax Code. A task force entrusted with the preparation of the tax code was to submit its report to the Finance Ministry on Wednesday.
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 the income tax department's 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.
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz