The panel constituted by the Central Government for re-drafting direct tax code sought for a three-month extension from the Finance Minister Arun Jaitley.
The committee was formed to submit its recommendations on the drafting of the direct tax code.
The tax force, headed by Central Board of Direct Taxes member Akhilesh Ranjan, was asked to submit its suggestions to the government by Feb. 28, 2019.
The report of the task force will be submitted before the final budget for 2019-20, that the new government will present after the general election, the official quoted earlier said.
The panel apprised Finance Minister Arun Jaitley on the progress made by the panel so far, he said, adding that members of the panel also sought direction from the finance minister on how the legislation should be drafted.
Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (chairman and regional managing partner of EY), Mukesh Patel (practicing tax advocate), Mansi Kedia (consultant at Indian Council for Research on International Economic Relations) and GC Srivastava (retired Indian revenue service officer and advocate). The committee’s terms of reference are to draft a new law keeping in mind the prevalent taxation system in other countries, international best practices and economic needs of the country.
