New Delhi, Aug 20 (KNN) | A committee of experts headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan submitted its report on replacing the Income Tax Act with a new Direct Tax Code.

In a tweet, Ministry of Finance said “Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman received the report submitted by Akhilesh Ranjan, Convenor of the Task force constituted by the Government to draft New Direct Tax Law.”

The Ministry of Finance in November last year appointed Ranjan, member (legislation) at CBDT, as convenor of the task force after Arbind Modi retired.

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).

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.