New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is the primary objective of the new Income Tax Bill

    approved by the Union Cabinet?
    A To increase tax rates for high-income earners Correct Answer Incorrect Answer
    B To introduce new exemptions for business owners Correct Answer Incorrect Answer
    C To simplify and consolidate tax laws by reducing redundant sections Correct Answer Incorrect Answer
    D To provide tax holidays for foreign investors Correct Answer Incorrect Answer
    E To increase GST applicability across multiple sectors Correct Answer Incorrect Answer

    Solution

    The new Income Tax Bill aims to simplify India’s tax laws by reducing sections by 25-30%, eliminating ambiguities, and making tax laws more accessible. By consolidating similar provisions and avoiding cross-referencing, the bill seeks to improve clarity and efficiency in tax compliance.

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