SIMPLIFIED I-T LAW LIKELY FROM APRIL 1, 2008

A brand new income tax law that provides for “easy reading and understanding” of the provision may become a reality from April 1, 2008? An expert group of Central Board of Direct Taxes (CBDT) that was constituted to suggest simplification of the Income-Tax Act, 1961, has submitted its report to the Union Finance Ministry. The Finance Minister said that the new Income Tax Act will replace the existing one and will be applicable for the assessments made in assessment year 2009-2010.