News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Direct Tax »
 Income Tax Return (ITR) filing: Remember these 5 basic rules to file your ITR on time
 Notification No. 46/2019 Central Board Of Direct Taxes
 Notification No. 45/2019 Central Board Of Direct Taxes
 Keep your date with filing income tax returns
 New income tax rules with tougher penalty comes into effect: 10 points
 5 benefits of filing income tax returns you may not be aware of
 Know which salaried individuals aren't eligible to file ITR-1 Income tax return
 CBDT issues new guidelines for compounding
 New I-T guidelines tightens screw on tax evaders
 Have not filed ITR yet? Know last date, late filing fee and other details
 Filing Income Tax Returns? Avoid These Six Common Mistakes

Direct taxes code task force to be reconstituted
October, 11th 2018

The government will reconstitute the task force that was set up in November last year to draft a new direct taxes code. The existing panel, with Central Board of Direct Taxes member Arbind Modi as convenor, could not submit a report following disagreements on various aspects.

“We will soon appoint a new convenor,” a government official told ET. Modi retired from the board in September. A person familiar with the deliberations of the panel said the committee could not agree on crucial aspects of the tax structure such as exemptions for individual taxpayers.

The task force was set up on November 22, 2017, following Prime Minister Narendra Modi’s observation at Rajaswa Gyan Sangam that the Income Tax Act prepared 50 years ago needed to be re-drafted. The panel’s terms of reference included drafting of an appropriate direct tax legislation, keeping in view the systems prevalent in various countries, international best practices and economic needs.

The committee was to have submitted its report in six months and was subsequently given a threemonth extension till August.

There was disagreement on the basic tenets of the direct tax structure among members of the task force, including GC Srivastava, former income tax official, Girish Ahuja, chartered accountant and nonofficial director of the State Bank of India, Rajiv Memani, chairman and regional managing partner of E&Y, Mukesh Patel, a tax advocate, and Mansi Kedia, a consultant with the Indian Council for Research on International Economic Relations.

Arbind Modi had also been tasked with drafting a new direct taxes code under the previous UPA government. A number of measures proposed in that code were incorporated in the current income tax law, but the whole draft was not taken up.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions