DTC task force likely to submit report to Nirmala Sitharaman on Monday

The report on a new direct tax code (DTC), which will overhaul and simplify the 58-year-old Income Tax Act, is likely to be submitted to Finance Minister Nirmala Sitharaman on Monday. 

A task force was to submit the report on Friday but could not do so because of Sitharaman’s unavailability, sources said.

The minister is holding consultations with tax officials in Ahmedabad as part of a series of meetings planned with taxmen and tax payers in various metros and tier-2 cities. 

The government last month expanded the scope of the task force to look into five more areas and nominating two new members — Chief Economic Advisor Krishnamurthy Subramanian and Joint Secretary (Revenue) Ritvik Pandey.

The new terms of reference included faceless and anonymised scrutiny, mechanism for system-based cross verification of the financial transactions, reduction in litigation and expeditious disposal of appeals.