Question

What major change has been introduced in the new Income Tax Bill presented in Lok Sabha?

Q: Answer-What major change has been introduced in the new Income Tax Bill presented in Lok Sabha?

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.

A Increase in direct tax rates

B Introduction of a flat income tax structure

C Replacement of "assessment year" with "tax year"

D Elimination of corporate tax

E Increase in GST rates

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What major change has been introduced in the new Income Tax Bill presented in Lok Sabha?

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