Expert panel submits Direct tax code report to FM Nirmala Sitharaman

Central Board of Direct Taxes (CBDT) submitted its Direct tax code report to Finance Minister Nirmala Sitharaman. Task force headed by Akhilesh Ranjan, Member of CBDT submitted the report to the Finance Minister on August 19. New direct tax code will replace the existing Income Tax Act of 1961. The proposals in the draft code are aimed at bringing more certainly to taxation of personal and corporate income as well as capital gains.