Today, the report on the new income tax legislation and a draught income tax bill were turned in by the government-appointed task committee that was charged with creating a new direct tax law. Nirmala Sitharaman, the finance minister, in Delhi received the much anticipated report and draught bill.

The future of personal and corporate taxation in India is likely to be outlined in this research. In fact, some of the task force's key areas' components are already being implemented. The prefilling of income tax returns and faceless e-assessment are two of these that are significant.

The task force's report was due by the extended deadline of August 16, 2019. The original deadline of July 31, 2019, was extended by one and a half months. The task force's extension was carried out as a result of the task force's new convenor and additional members. The panel had asked for the extra time so that it could incorporate the opinions of the new members into its report.