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Feb 03, 2025
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Size of Income Tax-Act to reduce by half in new Bill: CBDT chief
The government has tried to remove redundancies in the Income Tax Act-1961, under the Bill to be tabled next week. The language has been made simpler, to the extent feasible, and the presentation has been made user-friendly, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal told Priyansh Verma in an interview. On the implementation of Pillar 1 and Pillar 2 rules aimed at streamlining of taxation of digital economy and deter tax avoidance by MNCs, Agarwal said that ultimately, India should get the fair share of tax revenue, which the country is not getting at the moment. “The relevant international organisations will deliberate on that and then see what happens. Some consensus may emerge out of the ongoing discussions,” he noted.
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