Question

    Which of the following is a key change introduced in the

    new Income Tax Bill tabled in Lok Sabha?
    A The assessment year concept remains unchanged Correct Answer Incorrect Answer
    B The tax year concept replaces the assessment year from April 2026 Correct Answer Incorrect Answer
    C Major tax rates have been significantly modified Correct Answer Incorrect Answer
    D The number of sections in the tax code has been reduced to 300 Correct Answer Incorrect Answer
    E The government has eliminated all tax deductions Correct Answer Incorrect Answer

    Solution

    The new Income Tax Bill proposes to replace the assessment year with the tax year concept from April 2026, bringing structural changes to taxation.

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