New Direct Tax Code: Taxpayer? You may expect the introduction of a new direct tax code soon. The task force set up to draft a new direct tax law to replace the existing Income Tax Act is scheduled to submit its report in the next two months. On Friday, the task force was given two-month extension till July 31 to submit its report. Earlier, the task force was scheduled to submit the report by May 31. “Finance Minister Arun Jaitley Friday extended the last date for submission of report by direct tax panel till July 31,” news agency PTI quoted an official as saying. The fresh extension means the direct tax panel may submit its report after the presentation of full Budget for
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