A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon. Finance Minister Nirmala Sitharaman’s speech last Budget hinted at this new tax law when she said the goal was to simplify the income tax laws and cut the Income Tax Act, 1961’s page-count by as much as 60 per cent. However, contradicting reports that it may be part of the Budget announcements on February 1, sources have told NDTV that it will be introduced separately.
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