What are the potential implications of the New Income Tax Bill with 622 pages and 536 sections to be tabled in Parliament
Discuss the key features of the proposed New Income Tax Bill and its possible impact on taxpayers in India.
The New Income Tax Bill in India has several key features that could potentially impact taxpayers:
- Introduction of new tax slabs and rates to simplify the tax structure.
- Proposed abolition of certain exemptions and deductions to broaden the tax base.
- Initiatives to promote digital transactions and discourage cash transactions.
- Focus on reducing tax evasion and enhancing compliance through stricter penalties and crackdown on tax evaders.
- Measures to improve ease of tax filing and reduce the compliance burden on taxpayers.
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