https://www.taxtmi.com/news?id=35086 A Select Committee has been convened to examine the Income Tax Bill and must report by the first day of the Monsoon session; the Finance Ministry briefed members that the Bill aims to restate and simplify the existing law. The Bill proposes terminology reform-replacing terms like "assessment year" and "previous year" with "tax year"-removal of provisos and explanations to streamline language, and adopts a "trust first, scrutinise later" administrative approach to make the statute more user-friendly. en-us Mon, 24 Feb 2025 17:46:02 +0530 Mon, 24 Feb 2025 17:46:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=35086 A Select Committee has been convened to examine the Income Tax Bill and must report by the first day of the Monsoon session; the Finance Ministry briefed members that the Bill aims to restate and simplify the existing law. The Bill proposes terminology reform-replacing terms like "assessment year" and "previous year" with "tax year"-removal of provisos and explanations to streamline language, and adopts a "trust first, scrutinise later" administrative approach to make the statute more user-friendly. News - Mon, 24 Feb 2025 17:46:02 +0530 https://www.taxtmi.com/news?id=35086