Taxsutra - 10 Big ticket Recommendations of Task Force on New Direct Tax Law for IndiaSep-06-2019
India has attempted to draft a new income tax law several times in the last 30 years but the results never materialized. In the last decade, the then Finance Ministers of India Mr Chidambaram and Mr Pranab Mukherjee twice tried to effect change on the Finance Ministry through an ambitious new Indian Direct Tax Code (DTC). The public and taxpayers got to see the draft of the new law. However, with the global recession after the Lehman collapse in 2008 and the controversy over the retrospective amendments in 2012 pursuant to the Indian Supreme Court decision in the Vodafone International case on indirect transfer, neither of the drafts made much headway.