INSUBCONTINENT EXCLUSIVE:
Direct Taxes (CBDT) to draft a new direct tax law and replace the existing Income Tax Act has been given a three-month extension till May,
Akhilesh Ranjan sought an extension citing operational reasons and requirements to firm up a final report."The term of the task force is
extended by three months The task force shall now be required to submit its report by May 31, 2019," read a CBDT order issued on Thursday.It
said the extension in the term of the task force was approved by Finance Minister Arun Jaitley
The order also stated that Pragya Sahay Saxena, a joint secretary in the CBDT, has also been co-opted as a member of the task force.The
other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (chairman and regional managing partner of EY
India), Mukesh Patel (practising tax advocate), Mansi Kedia (consultant, ICRIER) and GC Srivastava (retired IRS and Advocate).It was first
set up in November 2017 under the Central Board of Direct Taxes, which frames the policy for the Income Tax Department
The CBDT functions under the Ministry of Finance.Prime Minister Narendra Modi had observed during the annual conference of tax officers in
direct tax laws in line with norms prevalent in other countries, incorporating international best practices, and keeping in mind the
economic needs of the country and related matters.
