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      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 IndiaтАЩs 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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