The task force set up to draft a new direct tax law to replace the existing Income Tax Act has been given 2-month extension till July 31 to submit its report.
The task force was scheduled to submit the report by May 31. Official sources said that Finance Minister Arun Jaitley has extended the last date for submission of report by direct tax panel till July 31.
Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.
The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country