After overhauling indirect taxes, the government today formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.Eight years after he first helped draft a new direct tax code for India, top taxman Arbind Modi has been asked to do the task again to meet the contemporary economic needs of the country.Modi, Member, Central Board of Direct Taxes (CBDT), will steer a six-member panel on the issue, an official press statement said. Arvind Subramanian, chief economic advisor will be a permanent special invitee on the panel.The move, which is aimed to make direct taxes – income and corporate – simple, comes ahead of BJP-led government’s last full Budget.