The finance ministry is likely to float a discussion paper next month on the proposed new income tax law, which aims to simplify the existing law and phase out tax exemptions. https://www.taxtmi.com/news?id=602 Proposed reform focuses on a new income tax law to simplify statutory language, remove redundant provisions, and phase out targeted exemptions and deductions-notably area based concessions and select corporate and trust incentives-while aiming to maintain a lower, stable tax rate and reduce litigation by limiting discretionary powers and providing statutory clarifications. en-us Wed, 01 Oct 2008 01:23:16 +0530 Wed, 01 Oct 2008 01:23:16 +0530 TaxTMI RSS Generator The finance ministry is likely to float a discussion paper next month on the proposed new income tax law, which aims to simplify the existing law and phase out tax exemptions. https://www.taxtmi.com/news?id=602 Proposed reform focuses on a new income tax law to simplify statutory language, remove redundant provisions, and phase out targeted exemptions and deductions-notably area based concessions and select corporate and trust incentives-while aiming to maintain a lower, stable tax rate and reduce litigation by limiting discretionary powers and providing statutory clarifications. News - Wed, 01 Oct 2008 01:23:16 +0530 https://www.taxtmi.com/news?id=602