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Direct Tax Code set to replace existing Income Tax Act of 1961, Task Force to submit report today

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

Direct Tax Code set to replace existing Income Tax Act of 1961, Task Force to submit report today

New Delhi: The Task force headed by Akhilesh Ranjan, Member of Central Board of Direct Taxes (CBDT), will submit its Direct tax code (DTC) report to Finance Minister Nirmala Sitharaman on Monday.

In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government in November, 2017.

The Task Force was required to submit its report by July 31, 2019 but the new Members of the Task Force requested for more time to provide further inputs and hence will be submitted today at 3pm.

The new direct tax code will replace the existing income tax act of 1961.

The other members of the task force also include Girish Ahuja (chartered accountant), Rajiv Memani (chairman and regional managing partner of EY India), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G.C. Srivastava (retired IRS and Advocate).

Central Board of Direct Taxes (CBDT) is the apex policy-making body of the Direct Tax department.

The Task Force ris expected to draft an appropriate direct tax legislation keeping in view the direct tax system prevalent in various countries, international best practices, the economic needs for the country and any other matter connected thereto.