The Union Government constitutes task force to draft new Direct Tax Law

The Government of India (GoI) had constituted an 8-member task force under CBDT member Arvind Modi in November 2017 to review the Income-tax Act of 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country. Recently, the Central Board of Direct Taxes (CBDT) has invited suggestions and feedback from stakeholders and general public in the format provided on the departmental website. It stated that the format can be downloaded from the website and suggestions may be sent through e-mail at [email protected], latest by 2nd of next month. The task force will also study the direct tax system in other countries and also keep in mind international best practices. The committee will submit its report in May 2018.