CBDT expands Terms of Reference for drafting new Direct Tax Law
Notification F.no. 370149/230/2017, dated 24-06-2019
The Central Board of Direct Taxes (CBDT) has widened the Terms of Reference (ToR) in order to draft new Direct Tax Law. The 5 new ToRs have been included which are:
i. The faceless & anonymous verification/scrutiny/
ii. The mechanism for system based cross verification of the financial transactions .
iii. Reduction in litigation and expeditious disposal of appeals.
iv. Reduction of compliance burden by simplification of procedures.
v. Sharing of information between GST authorities, Customs, CBDT & FIU.
Further, the CBDT has also included Chief Economic Adviser Krishnamurthy Subramanian and Joint Secretary (Revenue), Ritvik Pandey in the Task Force.
In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force that is required to submit its report to the Government by July 31, 2019.
