No direct tax code before May.

The Direct Tax Code is unlikely to be presented before May as the task force on new direct tax legislation sought two to three months' extension from Finance Minister Arun Jaitley on Wednesday, a government official said. According to sources in the Finance Ministry, the task force headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan was expected to submit the report on February 28. However, they have sought more time as they claim more work is required. The finance ministry, on November 22, 2017, constituted a task force comprising six members. The panel apprised Jaitley of the progress made so...