<h1>New Income Tax Bill to Replace 1961 Act, Simplify Tax Laws, and Reduce Litigation with Clearer Provisions</h1> The new Income Tax Bill aims to replace the outdated Income Tax Act of 1961, simplifying direct tax laws to enhance clarity and reduce litigation. Expected to be introduced in the current Budget session, the Bill will be reviewed by the Standing Committee on Finance. The new law will be concise, eliminating complex provisions and maintaining tax neutrality. It is designed to be easily understood by the general public, reducing the need for expert assistance. Past attempts to revise the tax law, such as the 2010 Direct Taxes Code Bill, were unsuccessful due to governmental changes.