The Finance Ministry has called it a S.I.M.P.L.E. Bill to follow and enforce.
S.I.M.P.L.E. is elaborated as Streamlined structure and language, Integrated and concise, Minimised litigation, Practical and transparent, Learn and adapt, and Efficient tax reforms.
The new law will replace the current tax system of financial year taxing. Instead, the tax will be paid in the same calendar year in which the income is earned.
The new Income Tax law has also omitted some sections like fringe benefit tax. Fringe benefits are given to employees by their employers.