New Delhi, Aug 19 (PTI)  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 details of the report, however, could not be known immediately.

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.

Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).

Prime Minister Narendra Modi, during the annual conference of tax officers in September 2017, had observed that the Income-Tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

The panel was initially supposed to submit its report to the government, within six months, by May 22, 2018, which was further extended till August 22.

Following Arbind Modi's retirement on September 30, 2018, Akhilesh Ranjanled panel was tasked to submit report by February 28, 2019. It was then extended till May 31.

Direct Tax Code report submitted proposing replacement of the Income-Tax Act and modernization of tax law. A government-appointed task force submitted a report proposing a new Direct Tax Code to replace the Income-Tax Act, 1961, with a mandate to draft a modern direct tax law aligned with international best practices and the country's economic needs; the panel, comprising tax officials, practitioners and consultants, completed its consultative drafting exercise after multiple government-ordered timeline extensions.