Direct Tax Code May Have Big Reforms, Committee Submits Report To Finance Minister
Direct Tax Code May Have Big Reforms, Committee Submits Report To Finance Minister

New Delhi: Modi government is likely to bring a GST-like reform in the direct tax code. The government had set up a task force headed by CBDT member Akhilesh Ranjan to bring about a change in it. The task force has submitted its report to Finance Minister Nirmala Sitharaman on Monday. The report is about the new Direct Tax Code which can replace the Income Tax Act of the day. However, details about the report are yet to be revealed.

"The report has been submitted to Union Minister for Finance and Corporate Affairs Nirmala Sitharaman today by Akhilesh Ranjan, convener of the Task Force," the Finance Ministry said in a tweet. The task force was set up by the government to draft a new Direct Tax Act. The task force had to first submit the report by May 31, then former Finance Minister Arun Jaitley had given an additional time of 2 months to complete the process.

The government then asked the task force to submit its report by August 16, 2019, but the new members of the task force demanded more time to prepare the report. The Finance Ministry had appointed CBDT member Akhilesh Ranjan as the convenor of the task force in November last year after Arvind Modi's retirement. Prime Minister Modi had said at the annual conference of tax authorities in September 2017 that the Income Tax Act, 1961, has been drafted for more than 50 years and needs to be re-drafted now. The industry has been talking about tax terror in the country.

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