New Income Tax Bill Proposes Simplified Framework to Replace 1961 Act While Maintaining Current Tax Structure

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The proposed new Income Tax Bill aims to replace the Income Tax Act 1961 with a modernized, simplified framework that maintains revenue neutrality. The legislation will streamline the current 298-section statute by eliminating obsolete provisions, removing redundant amendments, and simplifying legal language for enhanced comprehension. Key objectives include reducing litigation through clearer statutory interpretation, implementing technology-driven compliance mechanisms like pre-filled returns, and consolidating direct tax provisions in a more accessible format. The Bill, scheduled for Parliamentary introduction during the Budget session, will undergo Standing Committee review. While maintaining existing tax rates and structures, the refor.........