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The Ministry of Finance has released a date with the regards to the New Direct Tax law that is to replace the existing Income Tax Act.
The task force assigned with the duty of drafting this new law will be submitting its report by February 28, 2019.
The Ministry had set up a six-member task force in November last year to make changes and rewrite the Income Tax Laws that had been drafted over 50 years ago.
The panel was due to submit the report on May 22, 2018, but was unable to do so due to the retirement of the panel convenor Arbind Modi on September 30, 2018.
The Government appointed a new head of the task force. The new convenor of the panel, Akhilesh Ranjan, is a member of the Central Board Of Direct Taxes (CBDT).
The other members of the task force – G C Srivastava (retired IRS and Advocate), Girish Ahuja (chartered accountant), Mansi Kedia (Consultant, ICRIER), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mukesh Patel (Practicing Tax Advocate), remain unchanged.
Under the leadership of Arbind Modi, the panel will be making the necessary amends to align the existing Direct Tax Laws with the norms prevalent in other countries.
The aim is to incorporate international best practices in the Indian Direct Tax Laws while also taking into consideration the economic requirements of the country when formulating the draft.
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