After the substantial relaxations announced under the new tax regime in the recent Budget, it was a bit unreasonable for folks to expect further miracles from the new Income Tax Bill. But hope springs eternal, and big expectations seem to have been built up that the review of Income Tax Act announced by the Finance Minister in her July budget, will usher in further reforms. The Bill cleans up the language and structure of the 1961 Act but does not attempt any major changes in tax rates.

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Published on February 16, 2025