Mumbai:
A new simplified Income Tax Act is likely to come
into force on April 1, 2008, replacing the existing Income
Tax Act 1961, finance minister P Chidambaram said.
Chidambaram
was speaking to reporters after receiving the draft of
a simpler and rational income tax law, prepared by officials
of the Central Board of Direct Taxes.
He
said the report is an exercise for the future and is not
aimed at amending the existing Income Tax Act 1961. "This
report is about a brand new Income Tax Act, which if all
goes well, will come into force
from April 1, 2008, that is, assessments made for 2009-10,"
he said, adding, the new Act will hopefully come into
force from April 2008 subject to Parliament approving
it "well in time".
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