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India's new Income Tax Bill aims to simplify tax laws, benefiting small businesses and citizens.
India's proposed Income Tax Bill 2025, led by BJP MP Baijayant Jay Panda, aims to simplify the complex Income Tax Act of 1961, making tax filing easier for small businesses and common citizens.
The bill, which has been reviewed by a parliamentary committee, reduces the legislation's word count by nearly 50%, simplifying tax filing and potentially taking effect from April 1 next year.
The bill also seeks to promote youth entrepreneurship and MSMEs, addressing economic inequality across states.
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El nuevo proyecto de ley del impuesto sobre la renta de la India tiene por objeto simplificar las leyes fiscales, beneficiando a las pequeñas empresas y a los ciudadanos.