Panel on direct tax law to submit report in September: FinMin officials

The term of the Arbind Modi task force on framing new direct tax law has been extended by another month, sources said. The draft direct tax law is unlikely to suggest wide-sweeping overhaul of corporate or income taxes. It will focus on better administration through improvements in revenue targeting, data collection, and tax intelligence and use of technology. 

The panel has been given more time by Finance Minister Arun Jaitley, who is of the view that such important planned reforms need more deliberationsbefore they are up for legislation, officials said.