Wait...
  1. Home >
  2. Export Import News >
  3. Economy News >
  4. Task force on Direct Tax Code to submit report by July 31: FM Nirmala Sitharaman >
  5. Task force on Direct Tax Code to submit report by July 31: FM Nirmala Sitharaman

Online Export Import Data Search

recentSearch
Complete Training Video : Click Here

Task force on Direct Tax Code to submit report by July 31: FM Nirmala Sitharaman.


Date: 19-07-2019
Subject: Task force on Direct Tax Code to submit report by July 31: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said that a task force on the new Direct Tax Code will submit its report by month end. The new direct tax code is set to replace the existing Income Tax Act. The aim is to reform the complex income tax laws into simpler tax codes with reduced rates, fewer exemptions, and tax slabs. “Task Force is already working on finalising the report on a new Direct Tax Code which is required to be submitted by July 31. The government will receive the report and we shall take a call on it,” she said while replying on the debate on the Finance Bill 2019.

Earlier, the task force was supposed to submit its report by May 31, but the then finance minister Arun Jaitley gave two months extension to complete the exercise. The Finance Ministry in November last year appointed Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the task force after the retirement of Arbind Modi. Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).

Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted. The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

The panel was initially supposed to submit its report to the government, within 6 months, by May 22, 2018, which was further extended till August 22. Following Arbind Modi’s retirement on September 30, 2018, Akhilesh Ranjan-led panel was tasked to submit report by February 28, 2019. It was then extended till May 31.

Source: financialexpress.com


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 13-08-2019
Notification No.59/2019 - Customs (N.T.)
Exchange Rates Notification No.59/2019-Custom(NT) dated 13.08.2019.

Date: 13-08-2019
Instruction No. 03/2019-Customs
Recovery of Export benefits given under incentive and Reward Schemes under Chapter 3 of FTP on re-import of export goods.

Date: 10-08-2019
NOTIFICATION No. 32/2019-Customs (ADD)
Seeks to impose anti-dumping duty on imports of "Homopolymer of vinyl chloride monomer (suspension grade)" originating in or exported from China PR and USA for 30 months with effect from 13th August, 2019, in pursuance of SSR investigation by DGTR.

Date: 08-08-2019
Notification No. 57/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver.

Date: 08-08-2019
Trade Notice 29/2019-20
Online filling of applications for claiming assistance under Transport and Marketing Assistance (TMA) for Specified Agriculture Products Schem

Date: 08-08-2019
Notification No. 58/ 2019-Customs (N.T.)
Further amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997

Date: 08-08-2019
Circular No. 24/2019-Customs
Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era.

Date: 06-08-2019
Notification No. 31/2019-Customs(ADD)
seeks to amend notification No.12/2019-Customs (ADD) dated the 26.02.2019 as per Corrigenda issued by Designated Authority vide notification F. No. 6/45/2017-DGAD 31.05.2019.

Date: 05-08-2019
Notification No. 56/2019 - Customs (N.T.)
Exchange Rates Notification No.56/2019-Custom (NT) dated 05.08.2019

Date: 05-08-2019
Notification No. 33/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001