A six-member Task force constituted by the Central Government on November 2017 to review the existing Income Tax Act, 1961 and to draft a new direct tax legislation, has released a questionnaire inviting suggestions from the general public.
The deliberations of the Task Force are in progress and has decided to interact with various stakeholders.
Further, Task Force shall be allowed to use the departmental website (www.incometaxindia.gov.in) for interactions with the general public.
During the Rajaswa Gyan Sangam held on 1st and 2nd September 2017, the Prime Minister Narendra Modi had observed that the Income Tax Act, 1961 was drafted more than 50 years ago and it needs to be re-drafted. 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 with the following Members:
Dr Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent Special Invitee in the Task Force.
The Terms of Reference of the Task Force is to draft an appropriate Direct Tax Legislation keeping in view: (i) The direct tax system prevalent in various countries, (ii) The international best practices. (iii) The economic needs of the country and (iv) Any other matter connected thereto. The Task Force shall set its own procedures for regulating its work and shall submit its report to the Government within six months.
