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The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers.
New Income Tax Bill.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved the Income Tax Bill which would likely eliminate the need to wait for the budget for some kind of income tax reliefs or amend the Income Tax Act.
The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax…