<h1>India Forms Task Force to Draft New Direct Tax Law, Replacing Income-tax Act 1961; Report Due in Six Months.</h1> The Government of India has established a Task Force to draft a new direct tax legislation, replacing the existing Income-tax Act of 1961, to align with the country's economic needs. The Task Force includes members from various professional backgrounds, such as chartered accountants, tax advocates, and economic consultants. The Chief Economic Adviser will be a permanent special invitee. The Task Force is tasked with considering international best practices and the direct tax systems of other countries. It has six months to submit its report, with expenses covered by the Department of Revenue. The initiative is approved by the Finance Minister.