Reduces the number of sections by 42% (from 931 to 536).
Increases the number of schedules from 14 to 16.
Aims to simplify the tax structure and reduce compliance burden.
Understanding Sections & Schedules:
Sections: Define specific tax rules, obligations, and rights (e.g., income computation, deductions, penalties).
Schedules: Provide additional details, explanations, and procedural guidelines (e.g., tax rates, exemptions, reporting formats).
Sections form the core framework, while schedules offer detailed guidance for taxpayers.
Hoping that these initiatives improve India’s ease of doing business ranking.
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