New Delhi: Companies and individuals will have a new taxation law soon, as the task force has submitted its report on the new income tax law and a draft income tax bill. The much-awaited report and draft bill were submitted to Finance Minister Nirmala Sitharaman in the capital on Monday.
The new task force, headed by CBDT Member Akhilesh Ranjan, in the report, sought to replace the existing Income Tax Act. The details of the submitted draft on new Direct Tax Code are not available.
The task force was supposed to submit its report by May 31, but the deadline had been extended to August 16.
Confirming the submission of the report, the Finance Ministry, in a tweet, said, "Union Minister of Finance and Corporate Affairs Smt. @nsitharaman received the report submitted by Shri Akhilesh Ranjan, Convenor of the Task force constituted by the Government to draft New Direct Tax Law, in New Delhi today."
The Finance Ministry in November last year appointed Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the task force after the retirement of Arbind Modi. Other members of the task force include Girish Ahuja (Chartered Accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS official and Advocate).
Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-Tax Act, 1961, was drafted more than 50 years ago and it needed to be redrafted.
The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country....