Task Force on Direct Tax Laws to Submit Report by Jul 31

New Delhi: The charge force set adult to breeze a new approach taxation law to reinstate a existent Income Tax Act has been given 2-month prolongation compartment Jul 31 to contention a report.

The charge force was scheduled to contention a news by May 31.

“Finance Minister Arun Jaitley Friday extended a final date for acquiescence of news by approach taxation row compartment Jul 31,” an central said.

With this extension, a approach taxation row might contention a news after a display of full Budget for 2019-20.

Last time in 2014 post a ubiquitous elections, a bill was presented on Jul 10. Going by precedence, a full year 2019-20 bill is expected to be presented in July.

The Finance Ministry in Nov final year allocated Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of a charge force after a retirement of Arbind Modi.

Other members of a charge force embody Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).

Prime Minister Narendra Modi, during a annual discussion of taxation officers in Sep 2017, had celebrated that a Income-tax Act, 1961, was drafted some-more than 50 years ago and it needs to be redrafted.

The charge force was reserved to breeze approach taxation laws in line with a norms prevalent in other countries, incorporating general best practices, and gripping in mind a mercantile needs of a country.

The row was primarily ostensible to contention a news to a government, within 6 months, by May 22, 2018, that was serve extended compartment Aug 22.
Following Arbind Modi’s retirement on Sep 30, 2018, Akhilesh Ranjan led row was tasked to contention news by Feb 28,2019. It was afterwards extended compartment May 31.
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