Govt sets up six-member task force to draft new direct tax law
Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force LATEST NEWS : The government on Wednesday constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER). Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted. "Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force," a finance ministry statement said. The task force will submit its report to the go...