{"id":218380,"date":"2019-08-19T19:00:57","date_gmt":"2019-08-19T13:30:57","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=218380"},"modified":"2019-08-19T19:03:00","modified_gmt":"2019-08-19T13:33:00","slug":"task-force-constituted-for-drafting-new-direct-tax-law-to-submits-its-report","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/19\/task-force-constituted-for-drafting-new-direct-tax-law-to-submits-its-report\/","title":{"rendered":"Task Force constituted for drafting new direct tax law submits it&#8217;s report"},"content":{"rendered":"<p style=\"text-align: justify;\">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.<\/p>\n<ul style=\"text-align: justify;\">\n<li>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.<\/li>\n<li>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.<\/li>\n<li>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.<\/li>\n<li>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.<\/li>\n<li>Task Force was now required to submit its report on or before 16-08-2019.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Therefore, it has now been reported by media that the task force has submitted its report on the same.<\/p>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to review the existing Income-Tax Act, 1961 and to draft a new direct tax law in consonance with economic needs 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