The taskforce formed by the Central Government to redraft the direct tax law gets a three-months extension to submit its report. The last day to submit the report was 28th February 2019.
Last day, the panel headed by the by Central Board of Direct Taxes ( CBDT ) member Akhilesh Ranjan asked the Finance Minister Arun Jaitley to extend the date to May.
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.
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