« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Why large taxpayer unit does not have many takers... New Income Tax Act to come into force from Apr 1, '08... » Govt to roll out simpler tax rules September, 09th 2006 The government could combine income tax, fringe benefit tax and wealth tax into one code Direct Taxes Code Bill, 06 when a new income tax law will roll out in 08, as a part of the initiative to make taxation laws simpler and people friendly. The Central Board of Direct Taxes on Thursday submitted a report on simplifying the Income Tax Act, 1961 to finance minister P Chidambaram. The salient features of the report are bringing together the income tax, fringe benefit tax and wealth tax, replacing the concept of previous year and assessment year with financial year and replacing legalese with simple language. This report is an exercise of the future and is not aimed at amending the existing Income Tax Act, 1961. It is about a brand new income tax Act, which if all goes well, will come into force from April 1, 08, that is for assessments made in 09-10, Mr Chidambaram said. He said the new Act will hopefully come into force from April 08, subject to Parliament approving it well in time. The report has done away with all provisos and explanations present in the existing law. These have been incorporated in the main provision. All redundant provisions have been removed from the statute besides, removing anomalies and inconsistencies to enable easy implementation and compliance. Various provisions common for all direct taxes, relating to tax administration and procedures have been combined. The finance minister had announced in his budget speech of 05 that the Income Tax Act, 1961 would be simplified and a new bill would be introduced in Parliament. A group of officials from the CBDT was then constituted to simplify and rationalise the law relating to income tax. The officials carried out an extensive review of the existing provisions in the income-tax and wealth-tax codes with inputs from various sources and formulated the new direct-tax code. After internal examination and assessments, the report may be placed for comments from public and then sent to a select committee.