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      Question

      What major change has been introduced in the new Income Tax

      Bill presented in Lok Sabha?
      A Increase in direct tax rates Correct Answer Incorrect Answer
      B Introduction of a flat income tax structure Correct Answer Incorrect Answer
      C Replacement of "assessment year" with "tax year" Correct Answer Incorrect Answer
      D Elimination of corporate tax Correct Answer Incorrect Answer
      E Increase in GST rates Correct Answer Incorrect Answer

      Solution

      The new Income Tax Bill, presented by Finance Minister Nirmala Sitharaman, replaces 'assessment year' with 'tax year', effective April 1, 2026. The 622-page Bill aims to simplify tax compliance without changing tax rates.

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