The Union Finance Minister has granted a further extension to the task force on Direct Taxes headed by Central Board of Direct Taxes (CBDT). The taskforce can submit their report to draft the new direct tax code 16th August.
“Govt grants extension of time to the Task Force for drafting a New Direct Tax Legislation. The Govt has allowed the Task Force to submit its report by 16th of Aug.,2019,in light of the fact that the new Members of the Task Force requested for more time to provide further inputs,” the Income Tax department tweeted.
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. In February, the panel sought for a three-month extension from the Finance Minister Arun Jaitley. The panel asked for a further extension as the current term of the body is ending on May 31. This was again extended to 31st July.
