https://www.taxtmi.com/news?id=32654 A new income tax bill drafted to replace the existing statute prioritises simplification, conciseness, and alignment with international standards; the CBDT has invited industry suggestions for the bill. The Budget extends the time limit for filing updated I-T returns from two years to four years, and the tax department adopts a participative, PRUDENT administrative approach focused on being proactive, rule based, user friendly, data driven, enabling, non-intrusive and transparent. en-us Mon, 03 Feb 2025 12:46:03 +0530 Mon, 03 Feb 2025 12:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=32654 A new income tax bill drafted to replace the existing statute prioritises simplification, conciseness, and alignment with international standards; the CBDT has invited industry suggestions for the bill. The Budget extends the time limit for filing updated I-T returns from two years to four years, and the tax department adopts a participative, PRUDENT administrative approach focused on being proactive, rule based, user friendly, data driven, enabling, non-intrusive and transparent. News - Mon, 03 Feb 2025 12:46:03 +0530 https://www.taxtmi.com/news?id=32654