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economy | IST

Task force submits draft direct tax code to finance minister

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A task force led by CBDT member Akhilesh Ranjan has submitted its recommendations on the proposed direct tax code (DTC) to Finance Minister Nirmala Sitharaman today.

A task force led by Central Board of Direct Taxation member Akhilesh Ranjan has submitted its recommendations on the proposed direct tax code (DTC) to Finance Minister Nirmala Sitharaman today.
The new DTC, which will replace the 58-year-old Income Tax Act, is aimed at simplifying income tax provisions and improving tax certainty.
The draft DTC is expected to include changes to personal I-T slabs, road map for corporate tax reduction, observations on long-term capital gains, dividend distribution tax and measures to reduce litigation.
The members of the task force include chartered accountant Girish Ahuja, Rajiv Memani of EY India, practising tax lawyer Mukesh Patel, Mansi Kedia, GC Srivastava and Joint Secy (Revenue) Ritvik Pandey  The Government of India's Chief Economic Advisor Krishnamurthy Subramanian is the permanent special invitee.