Panel drafting direct tax law seeks 30-day extensionhttps://indianexpress.com/article/business/panel-drafting-direct-tax-law-seeks-30-day-extension-5574761/

Panel drafting direct tax law seeks 30-day extension

The Centre in November had reconstituted the task force to review the Income-tax Act and to draft a new direct tax law, appointing Central Board of Direct Taxes (CBDT) Member Akhilesh Ranjan as the new convenor of the panel.

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“The panel is still working on some details and has sought an extension of one month,” the official said, adding that though the panel will submit its report before general elections but the implementation of its recommendations may take time.

The task force formed to draft a new direct tax law and review the Income-tax Act has sought a one-month extension for its report submission deadline, a senior government official said. The panel was supposed to submit its report by February 28.

“The panel is still working on some details and has sought an extension of one month,” the official said, adding that though the panel will submit its report before general elections but the implementation of its recommendations may take time.

The Centre in November had reconstituted the task force to review the Income-tax Act and to draft a new direct tax law, appointing Central Board of Direct Taxes (CBDT) Member Akhilesh Ranjan as the new convenor of the panel. Other five members of the committee had remained the same as before.

The reconstitution of the panel had come after the earlier task force did not submit its final report, which was due by September-end, to the finance ministry. The convenor of the panel, then CBDT Member Arbind Modi, retired on September 30, which left the report of the task force in limbo.