New Delhi, May 25 -- : Finance Minister Arun Jaitley has given the Central Board of Direct Taxes (CBDT) task force an extension of two months to draft a new Direct Tax Code which will simplify complex income tax laws.
CBDT member Akhilesh Ranjan had sought an extension as the current term of the body ends on May 31. At a meeting held with top officials of the Finance Ministry, Jaitley on Friday gave the CBDT task force an extension till July.
The aim is to reform complex income tax laws into simpler tax codes with reduced rates, fewer exemptions and tax slabs. Once the draft report is ready, it will be put up for public suggestions to address the concerns of all stakeholders.
Meanwhile, the Income Tax Department has extended the due dat...