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Source: Live Mint After Cabinet cleared it, the new income tax bill is set to be tabled in Parliament next week. The new bill is expected to reduce the number of sections by 25-30 percent to make the law simpler and more concise, Business Standard reported quoting an official without naming him/her. Even the provisos…
Source: Live Mint Income Tax Bill News LIVE: The Union Cabinet is expected to approve the new Income Tax Bill, potentially leading to its introduction in the Lok Sabha early the following week6. This bill is part of a larger effort to reform the tax system, and aims to overhaul the existing tax structure to…
Source: Live Mint An important piece of law – encapsulating 298 sections – which determines the major sources of income for the fifth largest economy in the world was passed in 1961. In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. From tweaks in the tax rates…
