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Task force to review I-T laws gets 3 months more

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Task force to review I-T laws gets 3 months more
The task force rewriting the income-tax laws has been granted three months more till August to submit its report to the government, the finance ministry said on Tuesday.
The finance ministry had in november last year set up the task force to draft direct tax laws in line with laws prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country. The panel, under Central Board of Direct Taxes(CBDT) member arbind  modi, set up to draft a law to replace the income Tax Act, which has beene in force since 1961, was to submit its repport by this month-end
"The Government has extended the term of said Task force by a period of three month," the CBDT said in a statement. In March this year, the task force had sought stakeholders' feedback oon their experienc of filing income returns on the I-T portal as well as scrutiny procedure and levy of penalty.In sought their commentson five majore points-filing of return of income, tax credit, porcessing/scrutiny of return, litigiation and recoverey of disputed tax demand, penalty and prosecution
The Business Standard, New Delhi, 23 May 2018

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