New Delhi, Aug. 20 -- The Task Force to rewrite the decades-old Income Tax Act, 1961 has submitted its report to Finance Minister Nirmala Sitharaman, sparking hopes of a simpler tax law with an easier compliance burden and friendly tax administration.
Panel convenor Akhilesh Ranjan, member of apex tax policy-making body Central Board of Direct Taxes (CBDT), submitted the report after missing two deadlines.
But the government has not made the report public with official sources saying that it would first study it before putting it in public domain for feedback.
It has been learnt that the report contains two parts with one being the draft bill while the other comprised recommendations considering best practices in the world.
The terms of...