How is the Government planning to reform income tax laws in India

The Government of India is proposing significant reforms to the income tax laws through the upcoming Direct Tax Code Bill. The key points of the reform include:

• Lowering tax rates and simplifying tax slabs to reduce the tax burden on individuals and businesses.
• Introducing measures to promote tax compliance and curb tax evasion, such as stricter penalties for non-compliance.
• Rationalizing tax exemptions and deductions to make the tax system more efficient and equitable.
• Streamlining tax administration processes to reduce compliance burden and improve ease of doing business.
• Enhancing the dispute resolution mechanism to expedite the resolution of tax disputes and reduce litigation.

These reforms aim to create a more taxpayer-friendly and investment-friendly tax regime in India.