Govt. has reconstituted the Task Force to draft the new ‘Direct Tax Legislation’ to replace/ rewrite the existing (50 plus years old) Income Tax Act, with deadline for its report by 28 Feb. 2019, i.e. Mr Akhilesh Ranjan, Member (Legislation), CBDT has been appointed as the Convenor in place of Mr Arbind Modi who has retired recently. Govt. has partially modified it’s earlier Order as under:
Task Force for drafting a New Direct Tax Legislation
In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017.
In partial modification of the earlier order, the Government has appointed Shri Akhilesh Ranjan, Member (Legislation), CBDT as Convenor of the Task Force. Other members of the Task Force remain unchanged.
The Task Force shall submit its report to the Government by February 28, 2019.
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