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You can expect the direct tax code to change as the task force is set to submit its report by the end of July 2019. On Friday, the task force was given an extension of two months from its earlier submission date of 31 May 2019.
The extension of the submission date indicates that the direct tax panel would submit the report after the presentation of the full union budget for the year 2019-2020, which is expected to be presented by 15 July 2019.
Also Read: Important tax changes to note for FY 2019-20
In November 2018, the Finance Minister Arun Jaitley appointed Akhilesh Ranjan as the convenor of the task force. Other members of the task force are Rajiv Memani, Girish Ahuja, Mukesh Patel, Mansi Kedia, and G C Srivastava.
In September 2017, Prime Minister Narendra Modi said that the Income Tax Act was last drafted in 1961, which is more than 50 years ago, and it needs to be redrafted.
The task force was directed to draft direct tax laws similar to the norms prevalent in the leading countries and consider the current economic needs of the country.
The panel was supposed to submit its report by 22 May 2018, but it was extended till 22 August 2018. Arbind Modi, the then panel head, retired in September 2018 and Akhilesh Ranjan was named his replacement. The panel was tasked to submit the report by 28 February 2019, but it was extended till 31 May.
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