Finance Minister Arun Jaitley. (Photographer: Dhiraj Singh/Bloomberg)

Panel Set Up To Redraft Direct Tax Laws Seeks Three-Month Extension

The task force constituted to redraft the direct tax laws has sought an extension of about three months from Finance Minister Arun Jaitley to submit its recommendations, a government official said on the condition of anonymity.

The tax force, headed by Central Board of Direct Taxes member Akhilesh Ranjan, had to submit its suggestions to the government by Feb. 28, 2019.

If it gets the extension, the report of the task force will be submitted before the final budget for 2019-20, that the new government will present after the general election, the official quoted earlier said.

The task force met Arun Jaitley today and apprised him on the progress made by the panel so far, he said, adding that members of the panel also sought direction from the finance minister on how the legislation should be drafted.

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 at Indian Council for Research on International Economic Relations) and GC Srivastava (retired Indian revenue service officer and advocate).

The committee’s terms of reference are to draft a new law keeping in mind the prevalent taxation system in other countries, international best practices and economic needs of the country.

Also read: Panel Redrafting Income Tax Law Unlikely To Cut Rates