Arbind Modi to be convener of task force to review Income Tax Act 1961

The Union Government has recently constituted a task force to review the Income Tax Act 1961 and draft a new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be the convener of task force while Chief Economic Adviser Dr. Arvind Subramanian will be a permanent Special Invitee. The task force will draft an appropriate direct tax legislation keeping in view the direct tax system in various countries, international best practices and economic needs of the country. It will submit its report within six months.