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CBDT member Akhilesh Ranjan likely to head new direct tax code panel

The old DTC panel was set up by the government in November last year to review the Income Tax Act and to draft a new direct tax law in consonance with economic needs of the country

Income Tax, Tax
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The government may soon announce a reconstituted direct tax code (DTC) task force, with central board of direct taxes (CBDT) member Akhilesh Ranjan as its new chairman. A fresh task force means any draft direct tax code (DTC) and an accompanying report may not be submitted to the government before the 2019 general elections. The previous task force, led by former CBDT member Arbind Modi, could not reach a consensus on a number of issues and its work was considered incomplete, with only two of the six members signing off on the report and draft law, Business Standard has ...