18.9 C
New Delhi
Sunday 8 December 2019
Economy Tax law of India, 50 years old, set to...

Tax law of India, 50 years old, set to change

The process had begun under Arun Jaitley during the previous Narendra Modi government but will see the efforts come to fruition under Nirmala Sitharaman

New Delhi: A government-appointed task force headed by CBDT member Akhilesh Ranjan on Monday submitted its report on the new Direct Tax Code, which seeks to replace the existing Income Tax Act. The details of the report, however, could not be known immediately.

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 Taskforce constituted by the Government to draft New Direct Tax Law, in New Delhi today.”

The task force was supposed to submit its report by 31 May, but the then finance minister Arun Jaitley gave two months extension to complete the exercise. Subsequently, the government allowed the task force to submit its report by 16 August 2019, in light of the fact that the new members of the task force requested for more time to provide further inputs.

The finance ministry had, 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 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 needs 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.

The panel was initially supposed to submit its report to the government, within six months, by 22 May 2018, which was further extended till 22 August.

Following Arbind Modi’s retirement on 30 September 2018, Akhilesh Ranjan-led panel was tasked to submit the report by 28 February 2019. It was then extended till 31 May.

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Taliban-US Talks Bode Ill For India, But Can’t Be Helped

On the one hand, infrastructure projects of India worth crores are at stake; on the other, Pakistan is vying for the day a Taliban-ruled Afghanistan can serve it again as a terror launchpad

India Not Ready For End To Death Penalty

India hardly has an efficient apparatus of governance, but if this is what we have, we must live with the death of a killer by a court order

Trump Drives Democrats And Media Crazy

America can never be the same again, even after Trump leaves the White House,” say many, and you can read that anywhere

Balasaheb Thackeray’s Legacy Up For Grabs

The Uddhav Thackeray-led Shiv Sena has failed to live up to the ideals of Balasaheb, leaving a void that the BJP alone can fill

How BJP Pulled Off Maha Coup With Nobody Watching

As Devendra Fadnavis desisted from contradicting Uddhav Thackeray everyday, the media attention moved from the BJP to its noisy rivals
- Advertisement -

Elsewhere

Unnao victim’s father wants Hyderabad-like ‘justice’

The father of the Unnao rape and burn victim said he was not looking for the harshest punishment of the culprits, 'just chase and shoot them'

CJI about Hyderabad encounter: Retribution is not justice

Justice can never be instant. And justice must never ever take the form of revenge. Justice loses its character if it becomes revenge: CJI

Unnao horror: 5 arrested, police guard victim’s uncle, aunt

The victim was attacked when she had just left her home in Unnao for the court in Rae Bareli where she had to attend the hearing of the case of her rape

INC MPs approach Irani menacingly in Lok Sabha

While Smriti Irani and Adhir R Chowdhury were debating cases of crimes against women, INC MPs Kuriakose and Prathapan walked towards her, folding the sleeves of their kurtas, the BJP MP alleged

Lalu Yadav denied bail by HC due to premature application

While Lalu Prasad Yadav was sentenced to 14 years of imprisonment in the Dumka treasury case, he has spent a mere 22 months in the jail

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this:
Skip to toolbar