The much-anticipated draft of the new Income Tax Bill is expected to be unveiled on February 6. The proposed bill aims to bring sweeping reforms to the current Income Tax Act and could potentially see up to 3 lakh words slashed from the near 6 lakh words at present.According to the people in the know, the draft bill is likely to provide directions to widen the tax net, given the contraction in the tax base following the exemption lim…
