Panel to overhaul Direct Tax law seeks 3 months extension from FM Arun Jaitley

Panel to overhaul Direct Tax law seeks 3 months extension from FM Arun Jaitley

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order of even number dated 22.11.2017. The task force set up to draft a new direct tax law to replace the existing Income Tax Act has sought 2-3 months extension from Finance Minister Arun Jaitley to submit its report.

The task force was suppose to submit the report by February 28.

The discussion on reforms pertaining to direct taxes started in September 2017, when the Prime Minister Narendra Modi said that more than half a century old Income Tax Act needs to be re-drafted and a new Direct Tax Code (DTC) needs to be introduced in ‘consonance with economic needs of the country.

The task force is in the process of drafting a direct tax legislation keeping in mind tax system prevalent in various countries, international best practices, economic needs of the country, among others.

A task force on new direct tax legislation has sought two-three months’ extension from the Finance Minister Arun Jaitley today.

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).

REFER BELOW COPY OF OFFICE ORDER

F No 370149/230/2017
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)
******
OFFICE ORDER

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order of even number dated 22.11.2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:

(i) the direct tax system prevalent in various countries,
(ii) the international best practices.
(iii) the economic needs of the country and
(iv) any other matter connected there to.

2. The Task Force has since been reconstituted under Shri Akhilesh Ranjan, Member (Legislation), CBDT vide Office Order of even number dated 26.11.2018, other terms and conditions of the Office Order dated 22.11 .201 7 remaining the same except that the Task Force was authorised to co-opt any person as Member, if considered necessary. Accordingly, Ms Pragya S Saksena IRS 87004 has been co-opted as Member vide office order of even number dated 21.12.2018.
3. As per the Order dated 26.11.2018, the Task Force so reconstituted is required to submit its report to the Government by February 28, 2019.
4. The term of the Task Force is extended by three months, i.e., the Task Force shall now be required to submit its report by 31 .05.2019.

5.This issues with the approval of the Finance Minister.

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