New Delhi, Aug 12: The new Income Tax Bill aims to simplify decades-old direct tax laws by extending dividend deductions for companies under the new tax regime, clarifying the taxation of partnership firms, and easing compliance for taxpayers.
It also incorporates major amendments from recent finance legislations, streamlining several provisions for greater clarity and efficiency.
Tax administration has been made more efficient, transparent, and taxpayer-friendly, with reforms like the Annual Information System, which also uses verified third-party data to pre-fill returns, the central processing of returns reducing average processing time by 1/10th (to nearly 10 days) and enabling faster refunds, and faceless assessments and faceless appeals ensuring impartiality and efficiency by eliminating physical interface and geographical barriers.
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