The new law will replace the 63-year-old Income Tax Act. The bill will be introduced and potentially tweaked based on feedback from taxpayers and experts.

If you've filed your ITR for the financial year 2023-24 and are waiting for your refund, you can now check the status of your refund on the income tax e-filing portal at incometax.gov.in.

Personal income tax provides significant and steady revenues to the government. Its collection exceeds the government's revenues from taxes on the profits of corporations.(PTI) The new tax regime ...