Drafting a New Direct tax Law in India Press Release Dt. 26.11.2018

-
Task Force for drafting a New Direct Tax Legislation

Posted On: 26 NOV 2018 5:06PM by PIB Delhi


In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with
the economic needs of the country, a Task Force was constituted by the Government of India in
November, 2017.

In partial modification of the earlier order, the Government has appointed Shri Akhilesh Ranjan,
Member (Legislation), CBDT as Convenor of the Task Force. Other members of the Task Force
remain unchanged.

The Task Force shall submit its report to the Government by February 28, 2019.



Download Press Release -in PDF file

Comments

Post a Comment

Popular posts from this blog

Imports in GST Regime (Goods & Services Tax)

-
Imports in GST Regime (Goods & Services Tax) Introduction Under the GST regime, Article 269A constitutionally mandates that supply of goods, or of services, or both in the course of import into the territory of India shall be deemed to be supply of goods, or of services, or both in the course of inter-State trade or commerce. So import of goods or services will be treated as deemed inter-State supplies and would be subject to Integrated tax. While IGST on import of services would be leviable under the IGST Act, the levy of the IGST on import of goods would be levied under the Customs Act, 1962 read with the Custom Tariff Act, 1975. The importer of services will have to pay tax on reverse charge basis. However, in respect of import of online information and database access or retrieval services (OIDAR) by unregistered, non-taxable recipients, the supplier located outside India shall be responsible for payment of taxes (IGST). Either the supplier will have to take registration
Read more