India sets up panel to draft new Income Tax Act | Current Affairs, Current Affairs 2018

India sets up panel to draft new Income Tax Act

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A task force for redrafting the Indian Income Tax Act, 1961, to bring it in tune with the current economic needs and realities, was set up by the government on Wednesday, an official statement said.
The six-member task force will have Central Board of Direct Taxes’ Member, Legislation, Arbind Modi as the Convener, with chartered accountant GirishAhuja, consulting firm EY Chairman Rajiv Memani and ICRIER consultant MansiKedia as the other members.
“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, adding that the task force will submit its report to the government within 6 months.Chief Economic Adviser Arvind Subramanian will be a permanent special invitee to the task force.
According to the statement, the committee has been asked to draft a direct tax legislation keeping in view the tax system prevalent in various countries, the international best practices and economic needs of the country.

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