Finance ministry to recast direct tax panel after discord on suggestions

The government set up the panel in November last year to review the decades-old Income Tax Act and to draft a new Direct Tax Law

The finance ministry has decided to reconstitute the task force on direct taxes law owing to differences between the ministry and the panel as well as among the members of the committee. The panel was set up last year.

Senior officials confirmed some of the panel’s recommendations were very similar to those of the draft Direct Tax Code, formulated under the UPA government, which was the reason for the discord.

The finance ministry, however, maintained it did not receive the report from the panel.

There will be a new chairperson of the restructured committee, multiple sources told Business Standard. The