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 task force. Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee.
Terms of Reference of Task Force
Taskforce main mandate is to draft appropriate Direct Tax Legislation keeping in view direct tax system prevalent in various countries, international best practices. It will also take into consideration, economic needs of country and any other matter connected thereto.
During 2017 Rajaswa Gyan Sangam held in September, 2017, Prime Minister Narendra Modi had observed that IT Act, 1961 was drafted more than 50 years ago and it needs to be re-drafted. Rajaswa Gyan Sangam is an annual conference of senior tax administrators to enable two-way communication between policy-makers and senior officers in field offices with view to increase revenue collection and facilitate effective implementation of law and policies in key result areas.