After GST, Modi picks up next tax reform: The income tax

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Updated: November 23, 2017 10:12:11 AM

After switching to the new indirect tax regime of the GST, the Narendra Modi government has formed a task force to draft a new Direct Tax law to meet the changing economic needs of the country.

EPF account, tax on EPF balance, quit job, retired from job, Section 10(12) of the Income Tax Act, interest credited to EPF accountAfter switching to the new indirect tax regime of the GST, the Narendra Modi government has formed a task force to draft a new Direct Tax law to meet the changing needs of the country

After switching to the new indirect tax regime of the GST, the Narendra Modi government has formed a task force to draft a new Direct Tax law to meet the changing economic needs of the country. The Finance Ministry, in a series of tweets, gave the details of the tax force, saying that it is being done after Prime Minister Narendra Modi said that the Income Tax Act, 1961 was drafted more than 50 years ago and needed to be redrafted.

The Task force will submit its report to the government within six months, the Finance Ministry said. The Task Force will be required to draft an appropriate Direct Tax Legislation keeping in view the Direct Tax system prevalent in other countries, the best international practice of the Direct Tax, and the economic needs of the country.

The Task Force will include would be Arbind Modi, member (Legislation), CBDT, Girish Ahuja, non-official Director, SBI, Rajiv Memani, Chairman of E&Y, Mukesh Patel, a practising tax advocate.

The Narendra Modi government implemented the Goods and Service Tax this July, which is being seen as a major structural change for the long-term economic benefits.

(First published on 22-11-2017 on www.financialexpress.com)

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