Union Cabinet approves new Income Tax Bill to simplify and modernise tax system
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The bill will not introduce new taxes. Instead, it will focus on simplifying tax laws, reducing legal complexities, and making compliance easier for taxpayers, confirmed the finance secretary on Thursday.
It will have shorter sentences, provisos and explanations. The government has also said that the new law will be 50% shorter than the current one. A major goal is also to reduce litigation.
The bill may introduce lower penalties for certain offences, making the tax system more taxpayer-friendly.
Read Also | New income tax bill: What should you expect?
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