The government has brought back the main author of the now junked Direct Taxes Code (DTC) as a convenor of the task force to review the decades-old provisions of the Income-Tax Act and draft a replacement. The government has, however, already implemented many provisions of the draft DTC, such as the General Anti-Avoidance Rules (GAAR) and on Place of Effective Management.
The government has constituted a six-member panel to take forward Prime Minister Narendra Modi’s call for replacing the I-T Act, a week after it notified an overhaul of the goods and services tax (GST). The panel has been asked to submit report within six months.
