The government of India has set up a task force to redraft the 50-year old income tax law which can synchronise with the economic needs of the country.
- The six-member task force's coverner will be Arbind Modi who is an CBDT Member (Legislation).
- Other members are Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER).
- Prime Minister Narendra Modi observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted.
- The task force will submit its report to the government within 6 months.
- Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force.
- The NDA government has already implemented general anti-avoidance rules GAAR.
- In 2016 Finance Minister Arun Jaitley also promised to lower corporate tax rate to 25 per cent in 5 years.
