DTC panel is likely to get one more month to draft the law, says official

The panel is likely to recommend a structure of rates for corporate taxes that is competitive across the south Asian economic region

The task force, designated to rewrite the income tax law, is all set to get an extension to submit its report. It was earlier scheduled to submit the report on February 28. The panel is likely to get one more month to draft the law. 

“The extension has been internally approved and the notification will probably come out in the next two days,” said a senior official privy to the development. 

The panel, constituted in November 2017 and reconstituted a year later, is mandated to recommend a new direct tax legislation that would ease the tax burden on the assessees, while protecting