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Panel to Submit Report on Direct Tax Laws Simplification by Feb 28
November 28, 2018
The Finance Ministry had set up a 6-member task force in November 2017 to rewrite the direct tax laws that are now 50 years old. It recently announced that the task force has been asked to submit a report on how these laws can be changed by February 28, 2019.
In September last year, when Prime Minister Narendra Modi attended the annual conferences of tax officers, he observed that the Income Tax-Act, 1961 has become outdated and needs to re-drafted. It was then that he ordered the Finance Ministry to revise the same.
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