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The Union cabinet on Friday approved a bill to replace the more than six-decade-old Income Tax Act,1961 with a new, simpler and easy-to-understand law, as part of the government's regulatory reforms.

The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said. The new bill, which was announced by Finance Minister ...

"That is basically what sustained the federal government until about 1913, when the 16th Amendment passed, creating the first federal income tax. They discovered the income tax was a lot more ...

The new Income Tax Bill, approved by the Union Cabinet on Friday, is set to replace the current Income Tax Act, 1961, according to government sources cited by news agency PTI. The main objective ...