New Income Tax rules in Modi government 2.0? Here’s what to expect?

new-income-tax-rules-in-modi-government-2-0?-here’s-what-to-expect?

You may expect the presentation of another immediate duty code soon. The team set up to draft another immediate duty law to supplant the current Income Tax Act is planned to present its report in the following two months. On Friday, the team was given two-month expansion till July 31 to present its report. Prior, the team was planned to present the report by May 31.

“Account Minister Arun Jaitley Friday broadened the last date for accommodation of report by direct duty board till July 31,” news organization PTI cited an official as saying.

The crisp expansion implies the immediate duty board may present its report after the introduction of full Budget for 2019-20.

In 2014, the monetary allowance was introduced on July 10 after the Lo Sabha races. Passing by priority, the entire year 2019-20 spending plan is probably going to be exhibited in July.

In November last, the Finance Ministry had delegated Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the team after the retirement of Arbind Modi. Different members from the team which include Girish Ahuja (sanctioned bookkeeper), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (resigned IRS and Advocate).

In a yearly gathering of duty officers in September 2017, Prime Minister Narendra Modi had seen that the Income-charge Act, 1961, was drafted over 50 years prior and it should have been redrafted.

The team has been approached to draft direct duty laws in accordance with the standards predominant in different nations, joining worldwide accepted procedures, and remembering the financial needs of the nation. The board was at first expected to present its report to the legislature, inside a half year, by May 22, 2018, which was additionally stretched out till August 22. Following Arbind Modi’s retirement on September 30, 2018, Akhilesh Ranjan drove board was entrusted to submit report by February 28, 2019. It was then reached out till May 31.

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