A committee headed by CBDT member Akhilesh Ranjan on Monday submitted its report on replacing the Income Tax Act with a new Direct Tax Code, said the finance ministry on Monday.

The report's recommendations could not be known immediately.

The task force--as the committed was called officially--had to submit its report by May 31, but the then finance minister Arun Jaitley gave it a two-month extension.

Subsequently, the government allowed the task force to submit its report by August 16, 2019, in light of the fact that the new members of the task force requested for more time to provide further inputs.

The finance ministry in November last year appointed Ranjan, member (legislation) at CBDT, as convenor of the task force after Arbind Modi retired.

Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).

Prime Minister Narendra Modi, at the annual conference of tax officers in September 2017, had observed that the Income-Tax Act, 1961, was drafted more than 50 years ago and it needs to be redrafted.

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

The panel was initially supposed to submit its report to the government, within six months, by May 22, 2018, which was further extended till August 22.

Following Arbind Modi's retirement on September 30, 2018, Akhilesh Ranjan-led panel was tasked to submit report by February 28, 2019. It was then extended till May 31. #casansaar (Source - PTI, Business Standard)