Sitharaman said that the aim was to reform the complex Income Tax laws into simpler tax codes with reduced rates, fewer exemptions and tax slabs.
New Delhi: A Task Force which is looking to bring in a new Direct Tax Code replacing the existing Income Tax Act would submit its report by July 31, the government informed the Lok Sabha on Thursday.
“Task Force is already working on finalising the report on a new Direct Tax Code which is required to be submitted by July 31. The government will receive the report and we shall take a call on it,” finance minister Nirmala Sitharaman said while replying to the debate on the Finance Bill 2019 which was passed.
Earlier, the Task Force was supposed to submit its report by May 31, but the then finance minister Arun Jaitley gave two months extension to complete the exercise.
Ms Sitharaman said that the aim was to reform the complex Income Tax laws into simpler tax codes with reduced rates, fewer exemptions and tax slabs.
Earlier, the house witnessed an uproar when Trinamul Congress member Saugata Roy mentioned the names of two big corporates and said that they were essential for the government, drawing strong protest from the treasury benches.
Members of the ruling side, led by BJP MP Nishikant Dubey objected to the remark requesting the chair to expunge the names from the speech.
However, Mr Roy retorted saying that he has not named any individual but mentioned industries.
The chair (Meenakashi Lekhi) accepted the argument of treasury benches and ruled that it will be expunged.
However, senior member Bhartrihari Mehtab (BJD), raising a point of order, said in the past such names were taken in this House so the secretariat should check the record.