<h1>New Income Tax Bill to Replace 1961 Act, Aiming for Simplicity and Clarity with Input from 6,500 Stakeholders.</h1> The government plans to introduce a new Income Tax bill in Parliament next week, replacing the existing Income Tax Act of 1961. The Finance Minister announced that the new bill aims to simplify the tax code, reducing its length by half and enhancing clarity for taxpayers and administrators. This initiative follows a comprehensive review and includes input from over 6,500 stakeholders. The bill, designed to increase tax certainty and reduce litigation, will be reviewed by the Standing Committee of Parliament. The government has implemented several taxpayer reforms over the past decade, and the new bill is part of this ongoing effort.