To provide certainty to taxpayers, the new Income Tax Bill has not made any major changes in the tax laws. This includes no change in the income tax slabs, income tax rates, income tax return filing deadlines and other tax laws. According to the Income Tax Department, “The simplification exercise encompasses certain aspects:
i. Redundant provisions of the Income tax Act have been removed;
ii. Sub-sections and clauses have been used, instead of relying on provisos and explanations for exceptions and carve-outs;
iii. Simplified system for cross referencing of sections, sub-sections, clauses etc has been used;
iv. Extensive use of tables, formulae for enhanced clarity;
v. Consolidation of provisions scattered across various sections/ Chapters relating to a single issue; etc.”
