<h1>Finance Minister to Introduce New Income Tax Bill, Replacing 1961 Act, Aiming for Simpler Tax Laws and Fewer Disputes.</h1> The Finance Minister announced plans to introduce a new income tax bill in the Lok Sabha next week, replacing the outdated Income-Tax Act of 1961. The bill, approved by the Union Cabinet, will undergo parliamentary scrutiny before final approval. The initiative aims to simplify tax laws and reduce disputes. Additionally, the Finance Minister discussed ongoing customs duty rationalization, emphasizing a balance between protecting domestic industries and fostering an investor-friendly environment. Recent budget announcements included removing seven tariff rates, continuing efforts to streamline the customs tariff structure for industrial goods.