<h1>CBDT Seeks Industry Feedback on New Income Tax Bill; Aims to Simplify Compliance and Extend Return Filing Period</h1> The Central Board of Direct Taxes (CBDT) Chief has invited industry feedback on a new income tax bill set to replace the 1961 Income Tax Act. Drafted in six months, the bill aims to simplify tax compliance and align with international standards by removing outdated provisions. The CBDT Chief emphasized a participative approach, shifting from an adversarial stance, and highlighted the department's new 'PRUDENT' approach. Additionally, the Finance Minister announced an extension for filing updated income tax returns from two to four years, with significant additional revenues collected from such filings in recent years.