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TMI BlogTask Force for drafting a New Direct Tax LegislationX X X X Extracts X X X X X X X X Extracts X X X X ..... Task Force for drafting a New Direct Tax Legislation - News and Press Release Dated:- 27-6-2019 - News - F No 370149/230/2017 Government of India Ministry of Finance Deportment of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, June 24, 2019 OFFICE ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order of even number dated 22.11.2017, the Terms of Reference (TOR) being drafting an appropriate direct tax legislation keeping in view: (i) the direct tax system prevalent in various countri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, (ii) the international best practices. (iii) the economic needs of the country and (iv) any other matter connected there to. 2. The Task Force was reconstituted under the Convenorship of Shri Akhilesh Ranjan, Member (Legislation), CBDT vide Order of even number dated 26.11.2018 and the Convenor was authorised to co-opt any pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on as Member. Accordingly, Ms Pragya S Saksena IRS 87004 has been co-opted as Member on 21.12.2018. 3. Shri Arvind Subramanian, Chief Economic Adviser (CEA) was a permanent special invitee to the Task Force as per the order dated 22.11.2017. He has since demitted the office and Shri Krishnamurthy Subramanian has taken over as the CEA. It has been decided to nominate Shri Subramanian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as member of the Task Force. 4. It has been further decided that the ToR shall be broadened to include: (i) The Faceless and anonymised verification/ scrutiny/ assessment (ii) The mechanism for system based cross verification of the financial transactions (iii) Reduction in litigation and expeditious disposal of appeals before the CIT (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , ITAT, High Courts and Supreme Court (iv) Reduction of compliance burden by simplification of procedures (v) Sharing of information between GST, Customs, CBDT, FIU 5. In view of the expanded ToR which includes shoring of data between agencies, it has been decided to nominate Shri Ritvik Pandey, Joint Secretary (Revenue) as member of the Task Force as well. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Other terms and conditions of the orders issued till now shall remain the same. 7. This issues with approval of the Finance Minister. (Niraj Kumar) Joint Commissioner of Income-tax (OSD) (TPL)-I Tel : 011- 2309 5468 E-mail : [email protected] - News - Press release - PIB Tax Management India - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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