ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Govt sets up panel to review income tax laws

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

The government today constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country.

The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER).

Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.

"Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force," a finance ministry statement said.

The task force will submit its report to the government within 6 months.

Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force.

The panel has been tasked to draft a direct tax legislation keeping in view the tax system prevalent in various countries, the international best practices and economic needs of the country.

Seeking to replace the existing I-T Act, the UPA government had in 2009 come out with Direct Taxes Code to simplify the tax legislation for individual taxpayers as well as corporates.

The Direct Taxes Code (DTC) Bill, 2010, which was introduced in Parliament in 2010, lapsed with the dissolution of the 15th Lok Sabha.

The Bill had proposed annual I-T exemption limit at Rs 2 lakh, and levying 10 per cent tax on income between Rs 2 lakh and Rs 5 lakh, 20 per cent on Rs 5-10 lakh and 30 per cent above Rs 10 lakh. For domestic companies it suggested tax rate of 30 per cent of business income.

The NDA government, since coming to power in 2014, has already implemented general anti-avoidance rules GAAR. In 2016 Finance Minister Arun Jaitley also promised to lower corporate tax rate to 25 per cent in 5 years.

Currently, income up to Rs 2.5 lakh per annum is exempt from tax for individuals.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Nov 22, 2017
05:58 pm
PTI
RELATED NEWS
Indian IT services industry's growth pace may slow down in near to mid term: ICRA Indian IT services industry's growth pace may slow down in near to mid term: ICRA
RBI MPC Meeting: Will central bank press pause button on repo rate hike? RBI MPC Meeting: Will central bank press pause button on repo rate hike?
India's economy already 10% more energy efficient than G20 average: IEA India's economy already 10% more energy efficient than G20 average: IEA
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says

LATEST NEWS

POCO X5 Pro 5G launched at Rs 22,999: 108MP camera, 5000mAh battery, 67W fast charging and much more

Gold Price Today (February 6): Yellow metal rebounds after hitting four-week low - Check rate in Delhi, Mumbai and other cities

Q3 Results 2023: Tata Steel reports Rs 2,502 crore net loss; SJVN net up 22%, P&G profit dips

Varisu OTT release date announced: Thalapathi Vijay, Rashmika Mandanna-starrer to stream soon — Check when and where to watch

Boult Audio Rover Smartwatch Review: Track your fitness non-stop

RBI likely to settle for 25 basis points repo rate hike, say Experts; Check RBI MPC Meeting Date 2023

Pathaan Box Office Collection: Shah Rukh Khan-starrer becomes fastest film to enter "Rs 400 Crore Club" in Indian theatres | Pathaan OTT release date, record, rating

PM unveils India's biggest helicopter manufacturing facility in Tumakuru

Patanjali Foods shares looking at 17 per cent upside after spate of corrections: Analyst — Check target price

Rose Day 2023: Celebrate first day of Valentine's week with special wishes, messages, quotes and Whatsapp status

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV