Shares of life insurance companies fell 3-5.5 per cent as the government has constituted a task force to draft new tax legislation.
The Centre has embarked on re-writing the decades-old Income Tax Act, 1961. To this effect, the Finance Ministry had on Wednesday announced the setting up of a task force to draft a new direct tax legislation.
The new legislation will be drafted keeping in mind the direct tax system in other countries, international best practices and the economic needs of the country, it added.
