Committee submits report on replacing I-T Act with Direct Tax Code

The recommendations made by task force headed by CBDT member Akhilesh Ranjan have not been made public.

A committee headed by CBDT member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code, said the finance ministry on Monday.

The report's recommendations could not be known immediately.

The task force--as the committed was called officially--had to submit its report by May 31, but the then finance minister Arun Jaitley gave it a two-month extension.

Subsequently, the government 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