New simplified Income tax

The government on Friday said the new simplified Income Tax Act is likely to come into force on April 1, 2008, replacing the existing Income Tax Act 1961, reports Economic Times. A report to simplify and rationalise the law relating to income tax, prepared by officials from Central Board of Direct Taxes, was presented to Finance Minister P Chidambaram on Friday. Chidambaram told reporters that the report is an exercise of the future and is not aimed at amending the existing Income Tax Ac

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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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