💨 Abstract

The Finance Secretary announced that a new income tax bill, replacing the six-decade-old Act, will be introduced in Parliament next week. The bill will be simpler, with shorter sentences and fewer provisos, aimed at making it easier for taxpayers to understand. It will not introduce new taxes or burdens, and changes in tax rates, slabs, and TDS provisions from the Budget 2025-26 will be incorporated.

Courtesy: theprint.in

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