Current Affairs

Direct Tax Code (DTC) Report

Current context: The Direct Tax Code (DTC) appointed by the government has submitted its report to the finance ministry on 19th August 2019.
Direct Tax Code (DTC) Report 
  • The task force was appointed to formulate a new direct tax code in order to replace the existing Income-tax Act.
  • The report was submitted by Akhilesh Ranjan, Convenor of the Taskforce.
  • The Income Tax Act was enacted in 1961, and the proposal for a new DTC is to modernise India’s direct tax system.
  • The report’s details and its recommendations have not been made public.
  • The task force was under Arbind Modi initially and was expected to submit its report by 31st May, which was later extended by then FM Arun Jaitely for 2 months.
  • The Finance Ministry has appointed the Akhilesh Ranjan who is the member (Legislation) of the Central Board of Direct Taxes in November 2018, as the convenor of the task force.
  • The other member of the task force is Mansi Kedia, a consultant with ICRIER, Rajiv Memani, chairman and regional managing partner of EY, Girish Ahuja, a chartered accountant, G.C. Srivastava, a retired Indian Revenue Service officer and, Mukesh Patel, a tax advocate.

Question: 

Q.1 Who has submitted the new Direct Tax Code (DTC) report as the convenor of the task force appointed by the government?
a. Akhilesh Ranjan
b. Arbind Modi
c. Rajiv Modi
d. Subhash shah
Direct Tax Code (DTC) Report Direct Tax Code (DTC) Report Reviewed by Neha on August 21, 2019 Rating: 5

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