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. 2 CPC now is Withdrawing Notice u/s 139(9) with the remarks that it has been issued inadvertently.

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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