Central Board of Direct Taxes (CBDT) Order dated May 27, 2019, reads as follows:—
1. In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law in consonance with economic needs of the country, the Government had constituted a Task Force vide Office Order in F No 370149/230/2017 dated November 22, 2017, the Terms of Reference being drafting an appropriate direct tax legislation keeping in view:
(i) the direct tax system prevalent in various countries,
(ii) the international best practices,
(iii) the economic needs of the country, and
(iv) any other matter connected there to.
2. The Task Force has since been reconstituted under Shri Akhilesh Ranjan, Member (Legislation), CBDT vide Office Order in F No 370149/230/2017 dated November 26, 2018, other terms and conditions of the Office Order dated November 22, 2017 remaining the same except that the Task Force was authorised to co-opt any person as Member, if considered necessary. Accordingly, Ms Pragya S Saksena IRS 87004, Principal Commissioner of Income-tax (OSD), New Delhi has been co-opted as Member vide office order of even number dated December, 21, 2018.
3, As per the Order dated November 26, 2018, the Task Force so reconstituted was required to submit its report to the Government by February 28, 2019. Vide Office Order of in F No 370149/230/2017 dated February 28, 2019, the term of the Task Force has been extended by a period of three months, i.e., the Task Force is required to submit its report by May 31, 2019.
4. The term of the Task Force is extended by a period of two months, i.e., the Task Force may be allowed to submit its report by July 31, 2019.
5. This issues with the approval of the Finance Minister.