https://www.taxtmi.com/news?id=33307 The Union Cabinet approved a new Income Tax Bill to replace the Income-tax Act, 1961, intended to simplify direct tax law without creating new tax burdens by removing complex provisos and explanations to reduce disputes and litigation. The Bill will be introduced in Parliament and referred to the standing committee. The reform follows an internal review process with specialised sub-committees and public consultations across language simplification, litigation reduction, compliance reduction, and redundant provisions, which produced thousands of stakeholder suggestions. en-us Fri, 07 Feb 2025 21:16:03 +0530 Fri, 07 Feb 2025 21:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=33307 The Union Cabinet approved a new Income Tax Bill to replace the Income-tax Act, 1961, intended to simplify direct tax law without creating new tax burdens by removing complex provisos and explanations to reduce disputes and litigation. The Bill will be introduced in Parliament and referred to the standing committee. The reform follows an internal review process with specialised sub-committees and public consultations across language simplification, litigation reduction, compliance reduction, and redundant provisions, which produced thousands of stakeholder suggestions. News - Fri, 07 Feb 2025 21:16:03 +0530 https://www.taxtmi.com/news?id=33307