💨 Abstract

The new Income Tax Bill, set to replace the 1961 Act, aims to simplify direct tax laws, reduce ambiguities, and litigation. It will be leaner, tax neutral, and easier to understand, with a focus on halving the volume and simplifying language. The Bill will be scrutinized by the Standing Committee on Finance before being tabled in Parliament during the Budget session.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖