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Centre sets up panel to review Income Tax Act

  •   Thu, Nov 23 2017 08:33:13 AM

New Delhi, Nov 23 (DHNS): After an overhaul of indirect tax regime, the Centre on Wednesday decided to review the 56-year-old Income Tax Law to bring it in sync with the economic needs of the country.

The government has set up a seven-member task force headed by Arbind Modi to review the Income Tax Act, 1961 and draft a new Direct Tax Law.

Addressing the Rajaswa Gyan Sangam in September, Prime Minister Narendra Modi had asked revenue officials to re-draft the Income Tax Act.

With Arbind Modi, member (legislation) with the Central Board for Direct Taxes as Convenor, the task force comprises Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (tax advocate), G C Shrivastava (former IRS and advocate) and Mansi Kedia (Consultant, ICRIER). Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force.

The Terms of Reference of the task force include drafting a new law keeping in mind the prevalent taxation system in other countries, international best practices and economic needs of the country.

The statement said the task force will be allowed to set its own procedures for regulating its work and shall submit its report to the government within six months.

Incidentally, Arbind Modi, a 1981 batch Indian Revenue Service officer, had been tasked with drafting a new Direct Tax Code in 2009. The first draft DTC Bill was released for public comments in August 2009. It was introduced in Parliament exactly a year later and referred to a standing committee.

After incorporating the suggestions made by the standing committee, a revised DTC was released in March 2014 and the government's latest move is expected to take it forward.

In July, the government overhauled the indirect taxes regime by introducing the Goods and Services Tax.
  

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Comment on this article

  • Vincent Rodrigues, Bengaluru/Katapadi

    Thu, Nov 23 2017

    They have made mess of GST and Demonetization and now the IT is under their scanner

    DisAgree Agree Reply Report Abuse

  • Dev, Mangalore

    Thu, Nov 23 2017

    It is Time to banish Income Tax with introduction of GST all goods & services are covered & taxing people before they get their money to spend itself should be stopped.
    According to some figures the Income Tax department spends more than 75% of the taxes collected on its offices, maintenance, staff salary & litigation, with that revenue generation it is better to wind up the department itself & collect loss of revenue through increase in spending by those who get the relief which will generate more GST revenue.
    This will result in more demand for goods & services, thereby generating more demand, more need for capacity expansion of companies, more employment, more revenue generation & its a cycle of growth having cascading benefit for the people & the nation.
    The claim of Infrastructure Development through Income Tax is hollow now, we see private players in Airports, Seaports, Highway building taxing people with Toll & Development Charges, with such development it is TIME to END this Tax which itself is the cause of Black Money & search of Tax heavens by the rich.

    DisAgree Agree [4] Reply Report Abuse


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