Centre constitutes task force for drafting a new direct tax law

The Central Board of Direct Taxes on Wednesday notified that the government has constituted a task force to review the Income-tax Act, 1961, and will draft a new Direct Tax Law in consonance with economic needs of the country.

The board highlighted that Senior Bureaucrat Arbind Modi has been appointed as the convener of the task force.

On the other hand, Chief Economic Adviser (CEA), Arvind Subramanian will play the role of a special invitee in the task force.

The task force will draft an appropriate Direct Tax legislation keeping in view the international best practices and the direct tax system prevalent in various countries.

It will set its own procedures for regulating its work and will submit its report to the government within six months, Finance Ministry said in a statement.

The members of the task force include Girish Ahuja, practicing Chartered Accountant and non-official Director, State Bank of India , Rajiv Memani, Chairman and Regional Managing Partner of E&Y, Mukesh Patel, Practicing Tax Advocate, Ahmedabad, Mansi Kedia, Consultant, ICRIER, New Delhi and G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.