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of <h1>Finance Ministry to Release Discussion Paper on Simplifying Income Tax Law, Phasing Out Exemptions Before October 17 Parliament Session.</h1> The finance ministry plans to release a discussion paper on a new income tax law aimed at simplifying existing regulations and phasing out tax exemptions. While the full draft may not be publicized, key features will be open for debate before the Parliament session starting October 17. Delays have raised concerns about the government's commitment, especially with elections approaching. The proposed law seeks to eliminate area-based exemptions and deductions under specific sections of the Income Tax Act to reduce tax regime distortions, while maintaining lower and stable tax rates. Simplification is necessary due to complexities and numerous court cases related to tax exemptions.
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