Direct Tax Task Force suggestions implemented? The central government is planning to implement it

New Delhi, Nov 11, 2019, Monday

If the tax structure is relaxed, the government will find that the revenue of Rs 55,000 crore will be increased even if the instructions from the Directors' Task Force are implemented.

According to informed sources, the Central Government is planning to implement the instructions of the Director Tax Task Force. This report recommends replacing the existing tax slab and capital gains system. According to these sources, the central government will start implementing these recommendations in the next budget.

However, the task force's report has not yet been released to the public. But details of some of its provisions have been revealed in the media. As such, there is a recommendation not to prosecute or re-assess legal cases against those who have been paying income tax for the last six years with a 50% penalty and unpaid tax interest. Income tax of 10% on income up to one million

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It is recommended to levy 20 per cent on incomes ranging from 10 to 20 lakhs, thirty per cent on incomes of Rs 2 lakh to 2 crore and 35 per cent income tax on those with incomes above two crore. This is the case with personal income tax.

The central government was ready to implement the recommendations contained in the report, informed sources. Although a final decision has not yet been taken, active consideration has already begun.