Govt extends time till June 15 for comments on draft direct tax laws

The stakeholders and the general public can provide their feedback and suggestion via e-mail at rewriting-itact@gov.in.

The Finance Ministry has extended time till June 15 for stakeholders' comments on redrafting of the direct tax law.
 
The panel had, earlier in March, invited stakeholder comments till April 2. 
 
The stakeholders and the general public can provide their feedback and suggestion via e-mail at rewriting-itact@gov.in.
 
Last week, task force chaired by CBDT member Arvind Modi has extended the term by three months, till August end, to frame the direct tax.
 
"The term of the task force has been extended by a period of three months.  Accordingly, the date for sending suggestions/ feedback is extended to June 15, 2018," the ministry said in a statement.
 
The task force, which will re-write the decades-old Income Tax Act, 1961, was constituted in November last year.
 
The eight-member panel was to submit its report to the government within six months initially.
 
Arvind Subramanian, Chief Economic Advisor to the Finance Ministry, is a permanent special invitee in the task force.
 
The UPA government had also undertaken a re-write of the I-T Act and had also finalised the Direct Taxes Code. The Direct Taxes Code (DTC) Bill was introduced in Parliament in 2010 but lapsed with the dissolution of the 15th Lok Sabha.
 
Source: Media reports

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