The new Income Tax Bill, which is set to replace the six-decade-old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations

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Income tax law enacted in 1961 Framed at a time when Indian Republic was young, faced challenges peculiar to those times

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Why was review of I-T Act needed?

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What did the Finance Minister announce?

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What did the Finance Minister announce?

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What the new I-T Act proposes to do?

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Did govt try to bring new I-T law earlier?

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The new Income Tax Bill, which is set to replace the six-decade-old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations

Income tax law enacted in 1961 Framed at a time when Indian Republic was young, faced challenges peculiar to those times

Why was review of I-T Act needed?

Why was review of I-T Act needed?

What did the Finance Minister announce?

What did the Finance Minister announce?

What the new I-T Act proposes to do?

Did govt try to bring new I-T law earlier?

SOURCE: PTI