New Direct Tax Legislation Current Affairs - 2020
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Union Finance Ministry has appointed Akhilesh Ranjan, Central Board of Direct Taxes (CBDT) member as Convenor of Task Force that is drafting New Direct Tax Legislation (Law). He will replace Arbind Modi who retired in September 2018. The other members (composition) of the Task Force remain unchanged. Akhilesh Ranjan is presently serving as Member (Legislation) of CBDT.
The task force was constituted in November 2017 in order to review Income-tax Act, 1961 and to draft new direct tax law in consonance with the economic needs of the country. At that time, Arbind Modi, who was then Member (Legislation) of CBDT was appointed as Convener of task force.
The task force has been mandated to draft appropriate Direct Tax Legislation keeping in view direct tax system prevalent in various countries, international best practices and economic needs of the country. It will submit its report to Government by February 28, 2019. It has set its own procedures for regulating its work.