In order to review the existing Income-Tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Officer Order of even number dated 22-11-2017.
- Task Force has since been reconstituted under Shri Akhilesh Ranjan, Member (Legislation), CBDT vide order of even number dated 26-11-2018, other terms and conditions remaining the same except that the Task Force was authorised to co-opt any person as Member if considered necessary. Accordingly, Ms Pragya S. Saksena IRS 87004, Principal Commissioner of income tax, New Delhi was co-opted as Member vide office order of even number dated 21-12-2018.
- As per the Order of even number dated 26-11-2018, the Task Force so reconstituted was required to submit its report to the Government by 28-02-2019. Vide Order dated 28-02-2019, the term of the Task Force was extended by a period of 3 months which was further extended by 2 months.
- Further, vide office order dated 24-06-2019, Shri Krishnamurthy Subramanian, Chief Economic Advisor (CEA) and Shri Ritvik Pandey, Joint Secretary (Revenue) were nominated as members of the Task Force and Terms of Reference were broadened.
- As per the terms and conditions, the task force was required to submit its final report by 31-07-2019. However, new members of the task force were nominated by 24-06-2019 and a request has been made for more time to reflect on the report.
- Task Force was now required to submit its report on or before 16-08-2019.
Therefore, it has now been reported by media that the task force has submitted its report on the same.
Ministry of Finance