New Delhi: A committee of experts headed by Central Board of Direct Taxes (CBDT) member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code. Also Read - Buying Home For First Time? Here’s How You Can Avail Income Tax Benefits | Details Here

In November last year, the Finance Ministry had appointed Ranjan, Member (Legislation) at CBDT, as convenor of the task force which included Girish Ahuja
(a chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (practising tax advocate), Mansi Kedia (Consultant
at ICRIER) and G C Srivastava (retired Indian Revenue Service and advocate). Also Read - IT Department Detects Rs 220 Crore in Black Money After Raids on Chennai-Based Tiles Company

The task force was scheduled to submit its report by May 31 but the then Finance Minister Arun Jaitley gave it a two-month extension. Later,  the government allowed the task force to submit its report by August 16 as the new members requested for more time to provide further inputs. Also Read - CBDT Launches e-portal For Filing Tax Evasion Complaints | Check Process

The task force was assigned to draft direct tax laws incorporating international best practices and keeping in mind the economic needs of the country.