Task Force to submit draft of new direct tax law by 22-08-2018. Task Force term extended by three months

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.