In pursuance of Prime Minister Narendra Modi’s observation that the Income Tax Act, 1961, was drafted nearly 50 years ago and accordingly, needs to be redrafted, the government has constituted a task force in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, as per a press release by the Central Board of Direct Taxes dated November...
In pursuance of Prime Minister Narendra Modi’s observation that the Income Tax Act, 1961, was drafted nearly 50 years ago and accordingly, needs to be redrafted, the government has constituted a task force in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, as per a press release by the Central Board of Direct Taxes dated November 22, 2017.
The task force shall be constituted by the following members:
- Shri Arbind Modi, Member (Legislation), CBDT - Convener
- Shri Girish Ahuja, practicing Chartered Accountant and non-officialDirector State Bank of India;
- Shri Rajiv Memani, Chairman & Regional Managing Partner of E&Y;
- Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;
- Mansi Kedia, Consultant, ICRIER, New Delhi;
- Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
Shri Arvind Subramanian, Chief Economic Adviser, will be a permanent specia linvitee in the Task Force.
The terms of reference of the task force are to draft appropriate direct tax legislation, keeping in view:
- The direct tax system prevalent in various countries,
- The international best practices.
- The economic needs of the country and
- Any other matter connected thereto.
The task force shall set its own procedures for regulating its work and shall submit its report to the government within six months.
The press release can be read here.