New Income Tax Bill to Replace 1961 Act Promises Simplified Framework and Better Tax Administration for Taxpayers

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....Finance Minister announced plans to introduce a new comprehensive Income Tax Bill in Lok Sabha, intended to replace the Income-Tax Act, 1961. Following Cabinet approval, the proposed legislation will undergo parliamentary standing committee review before final implementation. The bill aims to modernize tax administration through a more concise and clear framework, reducing disputes and enhancing tax certainty. CBDT established an internal oversight committee and 22 specialized sub-committees to review various aspects. The reform process includes three critical stages: initial introduction in Lok Sabha, committee scrutiny, and final parliamentary approval post-Cabinet endorsement. This legislative overhaul represents the first major restructuring of income tax law since 1961, focusing on taxpayer clarity and dispute reduction.....