CENTRE EXPANDS TERMS OF REFERENCE OF DIRECT TAX LAW
27, Jun 2019
Prelims level : Polity governance- Constitutional Bodies, Regulatory Bodies Taxes and Taxation
Mains level : Structure, organization and functioning of the Executive and the Judiciary Ministries and Departments of the Government; pressure groups and formal/informal associations and their role in the Polity.
- The Central Board of Direct Taxes has expanded the terms of reference of the task force set up to come up with a new direct tax law.
- They include appropriate direct tax legislation keeping in view the direct tax litigation in other countries, international best standards, the economic needs of the country and other related issues.
- The new additions include the creation of a faceless and anonymized verification and security system, and the sharing of information between GST, customs and CBDT, and the Financial intelligence unit.
