Question
What major change has been introduced in the new Income Tax
Bill presented in Lok Sabha?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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In the year 2014, the population of a village P was 20% more than the population of village R. In the year 2015, after increasing by 40%, total populati...
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