Simplified Income-Tax Act Set to Launch in Budget 2025

The government is set to introduce a simplified Income Tax Act in Budget 2025, aimed at reducing the complexity of tax filing and compliance. The new tax framework is expected to consolidate multiple tax provisions into a streamlined structure, making the tax system more transparent and user-friendly for taxpayers. Officials emphasize that this reform will reduce litigation and encourage compliance by simplifying rules and documentation requirements. The move is also seen as part of the government's broader objective to modernize the tax system, making it more efficient and easier to navigate for both businesses and individuals. Simplification will particularly benefit taxpayers by eliminating unnecessary procedures and bringing down the cost of compliance.