Tax

New Direct Tax Law will be submitted by Feb 28

The Ministry of Finance has released a date with the regards to the New Direct Tax law that is to replace the existing Income Tax Act.

The task force assigned with the duty of drafting this new law will be submitting its report by February 28, 2019.

The Ministry had set up a six-member task force in November last year to make changes and rewrite the Income Tax Laws that had been drafted over 50 years ago.

The panel was due to submit the report on May 22, 2018, but was unable to do so due to the retirement of the panel convenor Arbind Modi on September 30, 2018.

The Government appointed a new head of the task force. The new convenor of the panel, Akhilesh Ranjan, is a member of the Central Board Of Direct Taxes (CBDT).

The other members of the task force – G C Srivastava (retired IRS and Advocate), Girish Ahuja (chartered accountant), Mansi Kedia (Consultant, ICRIER), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mukesh Patel (Practicing Tax Advocate), remain unchanged.

Under the leadership of Arbind Modi, the panel will be making the necessary amends to align the existing Direct Tax Laws with the norms prevalent in other countries.

The aim is to incorporate international best practices in the Indian Direct Tax Laws while also taking into consideration the economic requirements of the country when formulating the draft.

AddThis Website Tools
Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

10 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

10 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

10 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

10 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

10 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

10 months ago