💨 Abstract

The new Income Tax Bill, set to be introduced in Parliament on Feb 12, aims to simplify language by replacing terms like assessment and previous year with 'tax year'. It removes provisos and explanations, shortens sentences, and includes a Taxpayer's Charter. The bill replaces the current concept of previous year and assessment year with a single 'tax year' concept, effective from April 1, 2026.

Courtesy: theprint.in

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