Expected Recommendations from India's Tax Force Report on Income Tax Act Review

The Task Force established to review India's Income Tax Act 1961 was submitted on 19 August 2019. Although not yet made publicly available, recommended changes made by the Task Force according to recent reports include:

• Modification of the individual income tax brackets, including the introduction of a fifth bracket with a rate of 10% between the current 5% and 20% brackets, as well as the possible introduction of an additional top bracket of 35% for high-income earners
• The introduction of a…