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of <h1>India Revamps Task Force to Draft New Direct Tax Law, Replacing Income-tax Act, 1961; Report Due by Feb 2019.</h1> The Government of India has reconstituted a Task Force to draft a new direct tax law, replacing the existing Income-tax Act, 1961, to align with the country's economic needs. The Task Force, initially formed on November 22, 2017, now includes a new Convenor and several members from various professional backgrounds. The Convenor has the authority to add more members if necessary. The Task Force is expected to submit its report by February 28, 2019. This reconstitution has been approved by the Finance Minister.
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