The decision of the Government to set up a high-level task force to draft a New Direct Tax Legislation has been welcomed by tax professionals and taxpayers.
It is appreciated that experienced professionals with an in-depth and practical understanding of Direct Taxes have been inducted into the task force. Their contribution towards the drafting of the new legislation will be invaluable.
Task force constituted for new Direct Tax code. This reform will be vital. We should bring administrative ease, assessment surety, lesser harassment and clear concept. Sincerely hope This gets through. Good start. https://t.co/v1mODPcRVm
— Ashu? (@muglikar_) November 22, 2017
Except 1 , all members of task force are practising financial professionals. No babus to complicate matters like in GST. Must simply tax code. And banish ridiculous retrospective tax https://t.co/jN2Tk7aSUI
— Minhaz Merchant (@MinhazMerchant) November 22, 2017
@narendramodi It is highly appreciable to constitute Task force for drafting New Income Tax Law
— Ranjeet Goel (@GoelRanjeet) November 24, 2017
It's time India's #IncomeTax laws went through an overhaul to make it more citizen-friendly and bring more ppl under the tax umbrella, so the burden on the middle class eases up
— Phoenix of Vienna (@Andec_Tanker) November 23, 2017
The Modi govt. is on a roll as far as the reforms are concerned. DEMO, GST and now a task force for drafting a new Direct Tax legislation!! Union Budget 2018 won't be same as usual!!
— CA Prashant Shah (@shahprashant01) November 22, 2017
A new Direct Tax Law is frankly not required. Changes in existing law is good but more importantly changes are required in administrative set up to simplify things. Welcome aspect is there are professionals in committee. Let’s see what they come out with https://t.co/g56fEi6sOG
— Maulik Doshi (@maulikdoshi) November 22, 2017
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, 22nd November, 2017
Constitution of Task Force for drafting a New Direct Tax Legislation
During Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, Hon’ble Prime Minister had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be redrafted. 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:
(i) Shri Arbind Modi, Member (Legislation), CBDT – Convener
(ii) Shri Girish Ahuja, practicing Chartered Accountant and non-official Director State Bank of India;
(iii) Shri Rajiv Memani, Chairman & Regional Managing Partner of E&Y;
(iv) Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;
(v) Ms. Mansi Kedia, Consultant, ICRIER, New Delhi;
(vi) Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
Shri Arvind Subramanian, Chief Economic Adviser- 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.
(Y D Sharma)
Commissioner of Income-tax
(Media & Technical Policy)
Official Spokesperson, CBDT
DO IT FAST.MAKE SIMPLE RULES AND PROCEDURES SO THAT COMMON MAN CAN UNDERSTAND AND COMPLY WITHOUT FEAR.
As said elsewhere (going by wisdom gathered in hindsight from common experience and grievances openly aired in knowledgeable professional and other circles)- :
The proposal is to draft a new ‘DTL’; seemingly different from ‘DTC’, earlier proposed but had to be eventually dropped for several known and unknown reasons. May have to wait for, with bated breath, until the contents of the ‘Draft’ have been made known!
May be, until that happens, it might, for reasons not- so-difficult-to-guess, be prudent not to, in the interim, make any changes in the extant law. To be precise, the need is to ensure not making any material (procedural or substantive) – changes, – for whatsoever reason that be otherwise considered unavoidable, – thereby the task of the experts Force is expedited and rendered as easy as humanly feasible !
Pl read Direct Tax Code is place of word ‘Dec’
This may also meet the same fate as that of Dec Question is when most of the proposed draft have been brought in the existing Act then why to tinker.
Further some members of the committee have no knowledge of Income Tax.