{"id":10446,"date":"2017-11-25T11:59:25","date_gmt":"2017-11-25T06:29:25","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=10446"},"modified":"2017-11-25T11:59:25","modified_gmt":"2017-11-25T06:29:25","slug":"taxpayers-welcome-setting-up-of-task-force-for-drafting-new-direct-tax-legislation","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/taxpayers-welcome-setting-up-of-task-force-for-drafting-new-direct-tax-legislation\/","title":{"rendered":"Taxpayers welcome setting up of Task Force for drafting new Direct Tax Legislation"},"content":{"rendered":"<p>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. <\/p>\n<p>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. <\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/iku_XC6n_Yo\" frameborder=\"0\" gesture=\"media\" allowfullscreen><\/iframe><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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. <a href=\"https:\/\/t.co\/v1mODPcRVm\">https:\/\/t.co\/v1mODPcRVm<\/a><\/p>\n<p>&mdash; Ashu? (@muglikar_) <a href=\"https:\/\/twitter.com\/muglikar_\/status\/933330592707629057?ref_src=twsrc%5Etfw\">November 22, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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 <a href=\"https:\/\/t.co\/jN2Tk7aSUI\">https:\/\/t.co\/jN2Tk7aSUI<\/a><\/p>\n<p>&mdash; Minhaz Merchant (@MinhazMerchant) <a href=\"https:\/\/twitter.com\/MinhazMerchant\/status\/933354463087046656?ref_src=twsrc%5Etfw\">November 22, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/narendramodi?ref_src=twsrc%5Etfw\">@narendramodi<\/a>   It is highly appreciable to constitute Task force for drafting New Income Tax Law<\/p>\n<p>&mdash; Ranjeet Goel (@GoelRanjeet) <a href=\"https:\/\/twitter.com\/GoelRanjeet\/status\/934036002976317440?ref_src=twsrc%5Etfw\">November 24, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-cards=\"hidden\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/t.co\/5VyWVL3k3E\">https:\/\/t.co\/5VyWVL3k3E<\/a><br \/>It&#39;s time India&#39;s <a href=\"https:\/\/twitter.com\/hashtag\/IncomeTax?src=hash&amp;ref_src=twsrc%5Etfw\">#IncomeTax<\/a> 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<\/p>\n<p>&mdash; Phoenix of Vienna (@Andec_Tanker) <a href=\"https:\/\/twitter.com\/Andec_Tanker\/status\/933586549031059456?ref_src=twsrc%5Etfw\">November 23, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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&#39;t be same as usual!!<\/p>\n<p>&mdash; CA Prashant Shah (@shahprashant01) <a href=\"https:\/\/twitter.com\/shahprashant01\/status\/933365323750809600?ref_src=twsrc%5Etfw\">November 22, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\" data-cards=\"hidden\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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\u2019s see what they come out with <a href=\"https:\/\/t.co\/g56fEi6sOG\">https:\/\/t.co\/g56fEi6sOG<\/a><\/p>\n<p>&mdash; Maulik Doshi (@maulikdoshi) <a href=\"https:\/\/twitter.com\/maulikdoshi\/status\/933355879881236480?ref_src=twsrc%5Etfw\">November 22, 2017<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p>Government of India<br \/>\nMinistry of Finance<br \/>\nDepartment of Revenue<br \/>\nCentral Board of Direct Taxes<br \/>\n*******<\/p>\n<p>New Delhi, 22nd November, 2017<\/p>\n<p>PRESS RELEASE<\/p>\n<p>Constitution of Task Force for drafting a New Direct Tax Legislation<\/p>\n<p>During Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, Hon\u2019ble 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:<\/p>\n<p>(i) Shri Arbind Modi, Member (Legislation), CBDT &#8211; Convener<\/p>\n<p>(ii) Shri Girish Ahuja, practicing Chartered Accountant and non-official Director State Bank of India;<\/p>\n<p>(iii) Shri Rajiv Memani, Chairman &#038; Regional Managing Partner of E&Y;<\/p>\n<p>(iv) Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;<\/p>\n<p>(v) Ms. Mansi Kedia, Consultant, ICRIER, New Delhi;<\/p>\n<p>(vi) Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.<\/p>\n<p>Shri Arvind Subramanian, Chief Economic Adviser- will be a permanent special invitee in the Task Force.<\/p>\n<p>The Terms of Reference of the Task Force is to draft an appropriate direct tax legislation keeping in view:<\/p>\n<p>(i) The direct tax system prevalent in various countries,<\/p>\n<p>(ii) The international best practices.<\/p>\n<p>(iii) The economic needs of the country and<\/p>\n<p>(iv) Any other matter connected thereto.<\/p>\n<p>The Task Force shall set its own procedures for regulating its work and shall submit its report to the Government within six months.<\/p>\n<p>(Y D Sharma)<br \/>\nCommissioner of Income-tax<br \/>\n(Media &#038; Technical Policy)<br \/>\nOfficial Spokesperson, CBDT<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/taxpayers-welcome-setting-up-of-task-force-for-drafting-new-direct-tax-legislation\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-10446","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/10446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=10446"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/10446\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=10446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=10446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=10446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}