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Government sets up a panel to draft new direct tax law
November 23 , 2017
2587 days
1220
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- The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs.
- CBDT member Arbind Modi will be convener of the six-member task force.
- Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee.
- The task force will submit its report to the government within 6 months.
- The panel has been tasked to draft a direct tax legislation keeping in view the tax system prevalent in various countries, the international best practices, individuals income details and economic needs of the country.
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