The Union government is planning to simplify its income tax filing rules to streamline the process for taxpayers. According to Business Standard, a proposed revamp of the Income-tax Act of 1961 is being finalised and will likely be issued for public consultation around mid-January.

Some of the proposed changes include replacing complex income computation structures with formulas; single definition of tax year; reducing the number of additional forms taxpayers need to submit with their tax returns and making them available online.

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