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Task force recommends four far-reaching changes in Income Tax law

Suggests rejig in tax slabs, with some relief for those earning up to Rs 55 lakh a year; Corporation tax rate may come to 25% for all; DDT may go, procedures for dispute settlement may be streamlined

Income tax returns
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Indivjal Dhasmana New Delhi
We may be seeing a new income tax law if the recommendations of the task force in re-writing the old Act are accepted and implemented.

The panel, headed by CBDT member Akhilesh Ranjan, is said to have suggested four major things: tweaking personal income tax rates, cutting corporation tax rates to 25 per cent for all companies, domestic or foreign, doing away with dividend distribution tax (DDT) and easing the process of scrutiny and settling disputes.

Personal income tax

The most crucial recommendation of the panel relates to personal income tax. It is understood to have recommended relief or rebates

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First Published: Aug 28 2019 | 11:30 AM IST

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