Existing Income Tax Act to be replaced? What we know so far
Prime Minister Narendra Modi, during 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. Reuters