Direct taxes code draft law is likely to seek less power for the taxman

The panel charged with drafting a new direct tax code is said to have completed work on the draft law and is expected to submit it to Finance Minister Arun Jaitley this week. One of the biggest changes the draft law could propose is to do away with jurisdiction-based assessment and replace it with specialised teams of direct tax officials assessing specific cases.
 
The new direct tax code, whose committee is headed by Central Board of Direct Taxes (CBDT) member Arbind Modi, was supposed to be submitted in May. The deadline given to the panel was then extended by