The task force set up to draft a new direct tax law to replace the existing Income Tax Act has been given 2-month extension till July 31 to submit its report. The task force was scheduled to submit the report by May 31.
About:
With this extension, the direct tax panel may submit its report after the presentation of full Budget for 2019-20.
Background: Prime Minister Narendra Modi, during the annual conference of tax officers in 2017, had observed that the Income-tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.
Composition:
The Finance Ministry in November 2018 appointed Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the task force after the retirement of Arbind Modi.
Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).
Mandate: The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.
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