« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Taxation of satellite companies... Grievance redressal online, courtesy MCA... » Condensed I-T Act from April 2008 September, 12th 2006 The bulky Income-Tax Act, which is to be replaced with a more condensed version from April 1, 2008 will be pruned substantially. The 600 sections of the present Act of 1961 are being cut to around 360 section in the new Bill. Officials said the new Bill will also incorporate direct tax rates in the Act itself. At present, the government derives its power to levy tax from the annual Finance Act. The change will ensure the government will be able to collect the tax even if tabling of the annual Finance Bill gets delayed. Under the present system, if the Finance Bill is delayed beyond February 28, the government has to submit a supplementary in order to empower itself to levy and collect the tax, a tax expert said. Officials said the new Bill has also sought to use a formula to explain the implications of a tax. Very often it is difficult to comprehend how a tax is to be calculated. Rather than explaining it through text, the new Bill has sought to explain it by using formulas, an official said. Also all references to a particular tax or provision is being clubbed at a single place. For instance, all references to the tax deduction at source will be compiled at a single place. Finance Minister P Chidambaram last week said the government will attempt to introduce the new Bill from April 1, 2008.