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Below the Experts inputs on expectation from New Income Tax bill by Munjal Almoula, Head of Tax, BDO India

New Tax Bill: increases the tax burden on taxpayers - The objective of the new tax bill is to do away with redundant provisions and to simplify the language of the Tax Law to make the Act more succinct and easier to comprehend.  Keeping this objective and the directionality in mind, it is unlikely that the new tax bill will introduce new tax provisions or amend existing tax rates.  Hence, I do not expect any additional tax burden to be cast upon taxpayers through the new tax bill.

Expectation from the new income tax bill - the directionality of the new tax bill seems to be simply the language and do away with redundant tax provisions making compliances simpler and less cumbersome for taxpayers.  Accordingly, it would be reasonable to expect a simpler compliance mechanism, greater transparency as regards approach and directionality on tax assessments, and a quicker and more efficient refund mechanism..

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