<h1>Union Cabinet Approves New Income Tax Bill to Simplify Direct Tax Laws and Replace 1961 Act</h1> The Union Cabinet has approved a new income tax bill to replace the existing six-decade-old Income Tax Act. The new legislation aims to simplify direct tax laws without imposing additional tax burdens, eliminating complex provisos and explanations. The bill, chaired by the Prime Minister, will be introduced in Parliament next week and reviewed by the Standing Committee on Finance. Announced by the Finance Minister, the initiative follows a comprehensive review of the 1961 Act, with the Central Board of Direct Taxes (CBDT) receiving 6,500 suggestions to enhance clarity and reduce litigation.