Deadline extended for panel drafting new direct tax law

New Delhi, May 22 (IANS) The government on Tuesday extended by three months the deadline of the task force set up for drafting a new direct tax legislation.

The task force was formed in November last year to review the existing Income-Tax Act and to draft a new direct tax law in consonance with the economic needs of the country.

It was required to submit its report to the government within six months of its formation.

"The government has now extended the term of the said task force by a period of three months," an official statement said.

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