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.
AO stating that material forming basis of reopening shall be disclosed at the stage of assessment/re-assessment, indicates that the AO…
Reopening conclusion that assessee was “Non-Filer” despite assessee clearly stating in reply that he had filed ITR was non-application of…
High Court declined to allow production of physical documents by in Faceless Assessment simply because they were voluminous In a…
The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…
Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…
Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a…