<h1>New Income Tax Bill Aims to Simplify Tax Code; Review by Select Committee Due Next Session</h1> The new Income Tax Bill will be discussed in the monsoon session of Parliament, as stated by the Finance Minister. Introduced in February, the bill is under review by a Select Committee, which must report by the next parliamentary session. The proposed bill aims to reduce litigation and interpretation issues, being half the size of the 1961 Income Tax Act. It contains 2.6 lakh words, 536 sections, and 23 chapters, compared to the existing Act's 5.12 lakh words, 819 sections, and 47 chapters. Additionally, it includes 57 tables and has removed numerous provisos and explanations.