Task Force drafting a New Direct Tax Legislation to submit report by August 16

New Delhi, Aug 1 (KNN) The government has extended more time to the task force working to draft a new direct tax law keeping in view the economic needs of the country.

A Task Force was constituted by the Government in November, 2017 to review the existing Income-tax Act, 1961.

The task force was drafting a new direct tax law in consonance with economic needs of the country. It was required to submit its report by July 31, 2019.

Meanwhile, the Government has now allowed the Task Force to submit its report by August 16, 2019, in light of the fact that the new Members of the Task Force requested for more time to provide further inputs.