A task force that was constituted to draft a new direct tax law to meet the new economic needs of the taxpayers. Suggestions and feedback were requested to be sent on the existing Income Tax Act of 1961. Emails from stakeholders and the general public were encouraged to be sent by 2 April 2018.
The notification in IT department's website said, "In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, a Task Force has been constituted by the Government of India vide Office Order of even number dated 22nd November, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view: (i) the direct tax system prevalent in various countries, (ii) the international best practices. (iii) the economic needs of the country and (iv) any other matter connected there to."
The date for submission has now been extended to 15 June 2018 as per a tweet on the Income Tax department's social media account. The tweet says, "The Term of the Task Force has since been extended by a period of three months. Accordingly, the date for sending suggestions/ feedback in the format provided on http://www.incometaxindia.gov.in is extended to June 15, 2018."
The Term of the Task Force has since been extended by a period of three months. Accordingly, the date for sending suggestions/ feedback in the format provided on https://t.co/qX8AZ4q1DH is extended to June 15, 2018.— Income Tax India (@IncomeTaxIndia) 28 May 2018
As per the extension, the task force shall now submit the report on 22 August instead of the initial deadline of May 22.
Earlier the suggestions were to be e-mailed to email@example.com to reach the department. The contributors can now visit the IT department's website and follow the format to input your suggestions in the feedback form provided on the page.
Meanwhile, tax deductors for the quarter ending 31 March 2018, who have not deposited the same should file their TDS (tax deducted at source) statements by 31 May.
Whereas income earners, file your tax returns by 31 July for the financial year 2017-18 (AY 2018-19). Also Read: What Happens When You Don't File Tax Returns on Time?