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 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 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.