task force for redrafting the 50-year old income tax law
Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.
“Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force,” a finance ministry statement said.
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 and economic needs of the country.
The NDA government, since coming to power in 2014, has already implemented general anti-avoidance rules GAAR. In 2016 Finance Minister Arun Jaitley also promised to lower corporate tax rate to 25 per cent in 5 years.
Currently, income up to Rs 2.5 lakh per annum is exempt from tax for individuals.
The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER).
Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force.
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- CPT is entry Level Examination for CA course
- CPT Contains 4 Papers are Fundamentals of Accounting, Mercantile Laws, General Economics & Quantitative Aptitude
- CPT is objective type examination requiring student to answer 200 Multiple Choice questions (it is similar to MH-CET examination, conducted for Engineering and Medical Profession)
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