Finance Minister Nirmala Sitharaman is set to introduce a new 622-page Income Tax Bill in simpler language, replacing the 64-year-old law. The bill aims to reduce litigation by eliminating complex terms, outdated references, and multiple cross-references. It also introduces clearer provisions, including a taxpayer charter, crypto asset definitions, and updated definitions of agricultural income.
I-T Bill seeks to simplify tax laws, but no major overhaul
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