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Arbind Modi-led Panel Set up to Simplify Income Tax Laws

Published on November 24, 2017
 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.

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