Task force on Direct Tax Code submits report to FM

A government-appointed task force headed by CBDT member Akhilesh Ranjan on Monday submitted its report on the new Direct Tax Code, which seeks to replace the existing Income Tax Act.

The Finance Ministry in a tweet said, "Union Minister of Finance and Corporate Affairs Smt. @nsitharaman received the report submitted by Shri Akhilesh Ranjan, Convenor of the Task force constituted by the Government to draft New Direct Tax Law, in New Delhi today."

The task force was supposed to submit its report by May 31, but the then finance minister Arun Jaitley gave two months extension to complete the exercise.

Subsequently, the government allowed the task force to submit its report by August 16, 2019, in light of the fact that the new members of the task force requested for more time to provide further inputs.

The finance ministry in November last year appointed Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the task force after the retirement of Arbind Modi.