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.
Income of section 25 company by deploying ex-servicemen as security guards was not business activity. In a recent judgment, Kerala…
In absence of a valid final assessment order passed within statutory time frame, draft assessment order cannot give rise to…
No disallowance u/s 43B can be made if expenditure has not been not claimed by the assessee in Profit and…
Whether an assessee developing an infrastructure facility of Government is a contractor and ineligible for claim of deduction under Section…
Jurisdictional Principal Commissioner of Income-tax or Commissioner of Income-tax to condone delay in filing Form No. 10A for Registration u/s…
AO was not justified in making addition by adopting method of extrapolation without bringing any material evidence in support -…