New Tax Code to Replace 60-Year-Old Income Tax Act in 6 Months

• On 21st August 2024, celebrating 165 years of Income Tax in India, Finance Minister Nirmala Sitharaman made a big announcement.
• What? A new Income Tax Act might be coming soon in actually 6 months!
• Why? This bold reform aims to make taxes easier to navigate and more user-friendly.

What is happening? Simplified Income Tax Act

The Union Finance Minister in her 2024 Budget speech, hinted at the scope of this upcoming Income Tax reform.

While she didn’t specify whether it would be an entirely new code or a revised version of the current Act, she emphasized that it would be easier to understand.