Indian Income Tax is being redrafted as per new economic requirements of the country.
A Task Force was constituted by the Government of India vide Office Order of even number dated 22nd November, 2017 to redraft theIndian Income Tax.
Below mentioned terms will be kept in mind while redrafting theIndian Income Tax
(i) the direct tax system prevalent in various countries,
(ii) the international best practices.
(iii) the economic needs of the country and
(iv) any other matter connected there to.
As per the said Order, the Task Force is required to submit its report to the Government within six months from the date of its constitution, i.e., 22nd May, 2018.
This date has been extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22nd August, 2018.
Click here to download office Order instructing formation of Task Force
Click here to download order in whichSubmission of report time extended for task force redrafting Income Tax

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