Government Sets up a Panel to Draft New Direct Tax Law

The government has constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. The six-member task force will have 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). 

Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted. 
Source- The Hindu Business Line