Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar from 31st December 2017 to 31st March 2018.

Govt. constitutes Task Force for drafting new Direct Tax law

The Government has constituted a Task Force in order to review the Income-tax Act and to draft a new Direct Tax Law in consonance with economic needs of the country. The Task Force will set its own procedures for regulating its work and shall submit its report to the Government within six months(taxmann)

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