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Feb 04, 2025
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Give suggestions on new income tax bill: CBDT chief to industry
Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. 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 and make it easier to read and understand.
Agrawal said that the new bill has been drafted in such a way that it meets international standards.
Also, the new law has been made concise, as old provisions have been removed, making it less bulky.
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