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New direct tax code unlikely to revise income tax slabs and rates, says report

New direct tax code unlikely to revise income tax slabs and rates, says report

New direct tax code unlikely to revise income tax slabs and rates, says report
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By CNBC-TV18 Dec 3, 2018 8:31:48 AM IST (Published)

The draft direct tax code is unlikely to propose tax rate changes or tax slab revisions and will instead focus on making the Income Tax Act, 1961 simpler, Mint reported.

The draft direct tax code is unlikely to propose tax rate changes or tax slab revisions and will instead focus on making the Income Tax Act, 1961 simpler, Mint reported.

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The proposal is to clean up the law, incorporate the jurisprudence on key concepts of taxation and make the law simpler to comply with, the report said citing a person privy to the deliberations in the finance ministry.
The task force was set up in November last year to prepare a new direct tax code but was unable to formally submit its report in August 2018.
The government last week decided to take a fresh look at modernizing the Income Tax Act by appointing Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes, as the new convener. The panel has till February 28 to submit its report, according to Mint.
 
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