NEW DELHI: After an overhaul of indirect taxes, the government on Wednesday announced a Review of direct taxes, a move that may impact your tax rates and exemptions in the coming years. The review came months after PM Narendra Modiobserved that the income tax law was drafted 56 years ago and needed to be re-drafted. "Accordingly, in order to review the Act and to draft a newDirect Tax Law in consonance with economic needs of the country, the government has constituted a task force," the finance

The Modi government has constituted a six-member task force to review the Income Tax Act, 1961, and draft a new Direct Tax Law in consonance with economic needs of the country.

The members of the panel are Arbind Modi, Girish Ahuja, Rajiv Memani, Mukesh Patel, Mansi Kedia and GC Srivastava. Chief Economic Adviser Arvind Subramanian has been given permanent special invitee status in the tax task force.