Task Force constituted on “Direct Tax Code” submitted its report to Finance Minister
The Central Government had constituted a task force under the chairmanship of Akhilesh Ranjan, member of the Central Board of Direct Taxes, for the creation of the new direct tax code (DTC), the task force has submitted its report to the Union Finance Minister Smt Nirmala Sitharaman. The objective of the formation of this task force is to replace the 6-decade old Income Tax Act, 1961. The task force is believed to have recommended changes in the slabs of personal tax and corporate tax. The Central Board of Direct Taxes (CBDT) is the nodal agency for policy-making of the Central Board of Direct Taxes, Income Tax Department, Union Ministry of Finance Acts under It is a constitutional body, it has been established under the Central Board of Revenue Act, 1963. It is the highest institution in the country in terms of direct tax policymaking, this board is also responsible for direct tax law enforcement in the country.