The Central government has formed a 6 member task force to redraft the 50 year old Income Tax Law. "Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force," a finance ministry statement said. The task force will submit its report to the government within six months.
In order to review the Income Tax Act, 1961 and to draft a new Direct Tax law in consonance with economic needs of the country, the Government of India has constituted a Task Force.
— Ministry of Finance (@FinMinIndia) November 22, 2017
