Task force to review I-T laws gets 3 mths more till Aug to finalise report

NEW DELHI: The task-force rewriting the income tax laws has been granted three months more time till August to submit its report to the Government, the finance ministry said today.

The Finance Ministry had in November last year set up the task force to draft direct tax laws in line with laws prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

The panel, under CBDT Member Arbind Modi, set up to draft a new law to replace the existing Income Tax Act, which has been in force since 1961, was to submit its report by this month-end.

“The Government has extended the term of said Task Force by a period of three months,” the Central Board of Direct Taxes (CBDT) said in a statement. (AGENCIES)

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