Akhilesh Ranjan headed Taskforce to look into the matters of Direct Tax code will submit its report to Union Finance Minister Nirmala Sitharaman today. The newly prepared Direct Tax code is expected to replace the decades-old laws of taxation in the country.
India’s taxation structure is largely governed by the Income Tax Act of 1961. Government constituted a special team in November 2017 to study the archaic law and come up with taxation reforms.
The Chairperson of the Taskforce is Akhilesh Ranjan who is a member of CBDT (Central Board of Direct Taxes). Akhilesh Ranjan was the principal chief commissioner of income tax for international taxation. Other members of the team include Girish Ahuja (Chartered Accountant), G.C. Srivastava (Retired IRS officer), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and Rajiv Memani (Chairman and Regional managing partner of EY India).
As per the reports, presently 74 million direct taxpayers exists in the country. Therefore new legislation on taxation reforms has the capability to shape the economy in a large way. It is expected that the new code will simplify tax law provisions, address the issues to minimizing litigation and streamlining tax provisions.
The Panel was expected to submit its report on 31 July but a 15-day extension was given to incorporate the views of newly inducted members.