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Six-member task force likely to submit report on simplification of income tax laws by month-end

Updated : September 17, 2018 09:11 PM IST

The six-member task force appointed by the government to simplify India's income tax laws is likely to submit its report by end of this month, said people familiar with the matter.

Earlier this year, the government had formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.

The report had been delayed twice as the panel missed two previous deadlines on May 22 and August 22 due to conflicting views among the members, sources privy to the developments told CNBC-TV18, adding that some members are of the view that there is no scope available for further simplification of tax rules.

However, the members of the task force are contemplating to give further relief on the personal income tax and are also trying to see if further rationalisation is possible in terms of exemptions and corporate tax rates, the sources said.

Some members want the income tax department de-clogged from litigation and simplify laws related to corporate tax and personal income tax structure, added the sources.
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