In Feb 2025, the Union Cabinet approved a new bill for ________ replacing a more than 60 year old Act?
Answer & explanation
Correct answer: option 1
The correct answer is option 1: Income Tax
The Union Cabinet has approved the new Income Tax Bill, which will replace the six-decade-old Income Tax Act, 1961. The primary objective of this new legislation is to simplify, modernize, and streamline India’s tax system, making it more comprehensible and efficient for taxpayers