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.