Revamping The Income Tax Act: New Tax on Exempt Categories

Mitali | Last updated: 14 November 2024

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India's Finance Ministry is overhauling the Income Tax Act of 1961, with a new Direct Tax Code expected in February 2025. This reform aims to simplify tax processes, abolish outdated sections, and potentially introduce taxes on previously exempt income sources like certain insurance policies and mutual funds. The new code seeks to increase transparency, encourage more people to file taxes, and reduce legal disputes by adopting global best practices.

The Finance Ministry is accelerating efforts to review and streamline the Income Tax Act of 1961. The main aims to simplify the tax system and processes by removing redundant sections, sub-sections, and clauses. New Act Expected to be announced A new Income Tax Act i.e., Direct Tax Code is expect

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About the Author

Mitali

Finance Professional

I write about Income Tax, GST, TDS, RBI updates, government schemes, and personal finance in India. My focus is on simplifying complex tax and compliance topics into easy-to-understand guides that help readers stay updated with the latest financial rules, investment options, and regulatory changes.

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