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.
----------- Similar Posts: -----------Interest earned on borrowed funds/ unutilized capital subsidy are capital receipts In a recent judgment, Hon'ble Guwahati High Court has…
There is no statutory requirement of pre-deposit for stay of demand under Income Tax Act - High Court stayed demand …
Engagement of Company Secretaries (CS) as Young Professionals in the Office of Regional Director (WR), Registrar of Companies, Mumbai and…
Applicability of provisions of Section 115BBE read with Section 69, 69A and 69C in a case arising before Settlement Commission…
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld…
Supreme Court lays down tests to determine whether a debt is a financial debt or an operational debt under IBC…