The Central Board of Direct Taxes (CBDT) on Wednesday said that it has constituted a task force to review the Income Tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country, the Ministry of Finance stated in a notification.

Good, the government is taking some initiative to amend the outdated IT Act. Now, peoples suggestion would be to abolish Income Tax totally ! {as they enjoyed many freebies and most of the business c... Read More
Godfather Senior

To prepare a draft of the new tax laws, CBDT said that it is imperative to engage with stakeholders and general public. The policy-making body of the tax department also stated that suggestions and feedback are invited from the stakeholders and general public in the format provided on the departmental website (www.incometaxindia.gov.in).

It further mentioned that the format can be downloaded from the website and suggestions or feedback may be sent through e-mail at rewriting-itact@gov.in by April 2, 2018.