F No 370149/230/2017

Government of India

Ministry of Finance

Deportment of Revenue

Central Board of Direct Taxes

(TPL Division)

New Delhi, dated 22nd May, 2018

OFFICE ORDER

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, a Task Force has been constituted by the Government of India vide Office Order of even number dated 22^nd November, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:

(i) the direct tax system prevalent in various countries,

(ii) the international best practices.

(iii) the economic needs of the country and

(iv) any other matter connected there to.

2. As per the said Order, the Task Force is required to submit its report to the Government within six months from the date of its constitution, i.e., 22nd May, 2018.

3. The term of the Task Force is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22nd August, 2018.

4. This issues with the approval of the Finance Minister.

(Niraj Kumar)

Under Secretary (TPL)-I

Tel: 011-23095468

E-mail: [email protected]

Task Force for new direct tax law extended; deadline deferred to permit review of international practices and economic needs. A Task Force was constituted to review the Income-tax Act, 1961 and draft a new direct tax law considering comparative direct tax systems, international best practices, and domestic economic needs. Its original six-month term for submitting a report to the Government has been extended by three months, with the extension approved by the Finance Minister to allow additional time for preparation and submission of the draft legislative recommendations.