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PM Modi looks to address new-age issues in I-T Act, finance ministry sets new terms of reference of task force

Updated : June 26, 2019 08:28 PM IST

The aim of the task force 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.
The task force to draft the new law that replaces the decades-old Income Tax Act on May 26 got a two-month extension and is now scheduled to submit its report by July.
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