💨 Abstract

The Income-Tax Department's internal committee reviewing the old direct tax law has received suggestions for simplifying the language, better structuring, and expanding presumptive taxation schemes. The aim is to make the Income-Tax Act, 1961 concise, clear, and easy to understand, reducing tax disputes and litigation, and providing greater tax certainty to taxpayers.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖