NEW DELHI: The Direct Tax Code is unlikely to be presented before May as the task force on new direct tax legislation sought two to three months’ extension from Finance Minister Arun Jaitley on Wednesday, a government official said.
According to sources in the Finance Ministry, the task force headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan was expected to submit the report on February 28. However, they have sought more time as they claim more work is required.
The finance ministry, on November 22, 2017, constituted a task force comprising six members. The panel apprised Jaitley of the progress made so far on the direct tax code.
“We require some more time to present the report as some work is left and have sought time of 2-3 months from the finance minister to draft new legislation,” the official said.
The discussion on reforms in direct taxes started in September 2017, when Prime Minister Narendra Modi said that the more than half a century old Income Tax Act needed to be re-drafted and a new Direct Tax Code introduced.