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Context
Panel, led by CBDT Member Arbind Modi, given 6 months to review IT Act 1961
What has happened?
Government has constituted a task force under CBDT member Arbind Modi to review the country’s 56-year old Income Tax law and suggest a new law to replace it.
Terms of reference (purpose)
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, international best practices, the economic needs of the country and any other matter connected thereto
Members of the task force
Chief Economic Advisor Arvind Subramanian will be a permanent special invitee in the task force that also includes academics, private sector tax experts and a retired Indian Revenue Service officer
