Question: Recently, under whose chairmanship a Task Force has been set up by the central government in order to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with economic needs of the country?
(a) Girish Ahuja
(b) Dr. Arvind Subramanian
(c) Sunil Chandra
(d) Arbind Modi
Answer: (d)
Related Facts:
- On November 22, 2017, the Central Government constituted a work force to draft new direct tax laws under the chairmanship of the Central Direct Tax Board (CBDT) under the chairmanship of Arbind Modi.
- Followings are the member of Task Force:
- Shri Arbind Modi, Member (Legislation), CBDT – Convener
- Shri Girish Ahuja, practicing Chartered Accountant and non-official Director, State Bank of India;
- Shri Rajiv Memani, Chairman & Regional Managing Partner of E&Y
- Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;
- Mansi Kedia, Consultant, ICRIER, New Delhi;
- Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
- Dr.Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanentSpecial Invitee in the Task Force.
- The Terms of Reference of the Task Force is to draft an appropriate Direct Tax Legislation keeping in view: The direct tax system prevalent in various countries, the international best practices the economic needs of the country; and any other matter connected thereto.
- The Task Force will submit its report to the government within 6 months.
- It is noteworthy that during the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had proposed the reviewing the Income tax Act-1961 and to draft a new Direct Tax Law in consonance with economic needs of the country.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=173742
http://www.thehindu.com/business/new-direct-tax-law-coming/article20664346.ece