The Rajaswa Gyan Sangam was held on 1st and 2nd September, 2017. During the same, the Prime Minister, Narendra Modi asserted that there is a need to redraft the Income-tax Act, 1961 (the Act) as it was drafted more than 50 years ago. Thus, for the purpose of reviewing the said Act and to draft a new Direct Tax Law as per the economic needs of the nation, the Government has constituted a Task Force with the following Members:
(i) Shri Arbind Modi, Member (Legislation), CBDT – Convener
(ii) Shri Girish Ahuja, practicing Chartered Accountant and non-official Director, State Bank of India;
(iii) Shri Rajiv Memani, Chairman & Regional Managing Partner of E&Y;
(iv) Shri Mukesh Patel, Practicing Tax Advocate, Ahmedabad;
(v) Ms. Mansi Kedia, Consultant, ICRIER, New Delhi;
(vi) Shri G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
Dr. Arvind Subramanian, Chief Economic Adviser (CEA) will be a permanent Special Invitee in the Task Force. The Task Force shall set its own procedures for regulating its work and shall submit its report to the Government within six months. The task force shall work, keeping in mind the direct tax system prevalent in various countries, the international best practices, the economic needs of the country and any other matter connected thereto