Task force gets deadline extension to present report on tax laws

Task force gets deadline extension to present report on tax laws

New Delhi: The Central Board of Direct Taxes (CBDT) on Tuesday announced a three-month extension for the special task force, constituted to review the existing tax laws and suggest necessary modifications.

An official notice from the CBDT highlighted that the task force will now be required to submit its report by August 22, as opposed to the original deadline of May 22.

In November last year, the Centre had facilitated a task force to review the existing Income-tax Act, 1961, and to draft a new direct tax law in consonance with the economic needs of the country.

As per CBDT, the task force was to draft an appropriate direct tax legislation, with respect to the direct tax system prevalent in various countries, international best practice, economic needs of the country and any other matter connected thereto.

At the time of constitution, the task force was required to submit its report to the government within six months from the date of its constitution, that is, May 22. However, the term of the task force was extended by an additional period of three months.

In March, the special force had reportedly called for feedback on filing income returns on the income tax portal, tax credit, processing returns, litigation and recovery of disputed tax demand, penalty and prosecution.

 

Source by deccanchronicle

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