The Central Board of Direct Taxes of Department of Revenue of Government of India notified in Press release dated 22th May, 2018 for Extension of time of the Task Force for drafting a New Direct Tax Legislation which time limit given earlier period was 6 months.
A Task Force was constituted by the Government in November, 2017 to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country. It was required to submit its report to the Government within six months.
The Government has extended the term of said Task Force by a period of three months.
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