The Union Government on 22 November 2017 constituted a Task Force to review Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with economic needs of the country.
Arbind Modi, Member (Legislation) of CBDT, will be the Convener of the task force.
The other members of the task force are:
• Girish Ahuja, non-official Director of State Bank of India
• Rajiv Memani, Chairman & Regional Managing Partner of E&Y
• Mukesh Patel, Practicing Tax Advocate, Ahmedabad
• Mansi Kedia, Consultant, ICRIER, New Delhi
• G.C. Srivastava, Retd IRS (1971 Batch) and Advocate
Besides, Chief Economic Adviser (CEA) Arvind Subramanian will be a permanent Special Invitee in the Task Force.
The task force will draft an appropriate Direct Tax Legislation keeping in view the direct tax system prevalent in various countries, international best practices and economic needs of the country.
The Task Force will set its own procedures for regulating its work and will submit its report to the Government within six months.
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