Task Force to submit draft of new direct tax law by 22nd August, 2018. Extension of the term by three months beyond the initial term of six months.
In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in accordance with economic needs of the country, a Task Force had been constituted by the Government of India in 2017.
As per the Terms of Reference the points to be kept in view are as under:
(i) the direct tax system prevalent in various countries,
(ii) the international best practices
(iii) the economic needs of the country and
(iv) any other matter connected there to
The Task Force was required to submit its report to the Government within six months from the date of its constitution, i.e., 22nd May, 2018 .
The term of the Task Force has now been extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22nd August, 2018.
Penalty u/s 271B for unfilled column 40 in Form 3CD related to details regarding turnover, gross profit etc. for previous…
Merely rectifying computation without amending assessment order without notice to assessee does not nullify the entire assessment - ITAT In…
Once assessee discharges primary onus of providing basic documents in support of the identity, genuineness and the creditworthiness it shifts…
CBDT has notified Cost Inflation Index for Financial Year / Tax Year 2026-27 CBDT has notified "384" as Cost Inflation…
Power of CIT(A) under section 251(1)(a) to remand case could be exercised only when the assessment is passed u/s 144…
ICAI (Global Networking) Guidelines, 2025 kept in abeyance In February 2026, ICAI had issued ICAI (Global Networking) Guidelines 2025 to…