The government on Monday appointed the Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan as convenor of New Direct Tax Law Task Force that is drafting a new tax law, an official statement said.
The government on Monday appointed the Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan as convenor of New Direct Tax Law Task Force that is drafting a new tax law, an official statement said. He will replace Arbind Modi who retired in September this year. The Task Force will submit its report to the to the government by February 28, 2019.
“The government has appointed Akhilesh Ranjan, Member (Legislation), Central Board of Direct Taxes (CBDT) as convenor of the task force. Other members of the task force remain unchanged,” an official statement said.
It was in November last year that a six-member team was constituted by the Modi government to prepare new direct tax law in sync with the economic needs of the country. The team had Arbind Modi as its head and Girish Ahuja, Rajiv Memani, Mukesh Patel, Mansi Kedia and G C Srivastava were the other members.
Meanwhile, Income Tax overhaul had been a long-pending agenda. Arguably, it was the UPA-II which had suggested several changes in the Income Tax under the name Income Tax Code. However, the code expired with the new government coming to power. Now, once this panel submits its proposals on overhaul of income taxes next year, it would be up to the government whether to accept or reject the recommendations.