The government constituted a 6 member panel on Wednesday for redrafting the Income Tax Law in sync with the economic needs of the country. The panel includes Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER).

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

The panel will submit its report to the government within six months.

Source: NDTV