Task Force for drafting a New Direct Tax Legislation/ Direct Tax Code
A. Stakeholder engagement by the Task Force drafting the new Direct Tax Law
Task Force constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law has invited suggestions and feedback from stakeholders and general public, in the format provided on the website of Income Tax Deptt.
The format can be downloaded from the website and suggestions/ feedback may be sent through e-mail at firstname.lastname@example.org latest by 2nd April, 2018. (download pdf copy)
B. Govt. Constitutes Task Force for drafting a New Direct Tax Legislation/ Direct Tax Code (dt. 22 Nov. 2017)
In line with the observations made by PM Mr. Modi during the Rajaswa Gyan Sangam 2017, Govt. has constituted a Task Force to review the Income Tax Act, 1961 which was drafted more than 50 years ago. The Task force will re-draft it into a new Direct Tax Legislation/ Law in consonance with economic needs of the country.
Composition of the Task Force
The Government has constituted the Task Force with the following Members:
(i) Shri Arbind Modi, Member (Legislation), CBDT – Convener
(ii) Shri Girish Ahuja, practicing Chartered Accountant and non-official Director, State Bank of India;
(iii) Shri Rajiv Memani, Chairman & Regional Managing Partner of E&Y;
(iv) Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;
(v) Ms. Mansi Kedia, Consultant, ICRIER, New Delhi;
(vi) Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
vii) Dr. Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent Special Invitee in the Task Force.
Terms of Reference of the Task Force
Basically the terms of reference for the Task Force shall be to draft an appropriate Direct Tax Legislation keeping in view:
(i) The direct tax system prevalent in various countries,
(ii) The international best practices.
(iii) The economic needs of the country and
(iv) 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.