In a landmark announcement, Finance Minister Nirmala Sitharaman revealed that a New Income Tax Act will be introduced in the next six months. This statement, made during the celebration of 165 years of income tax in India, has sent ripples across the financial and business communities. What does this mean for the average taxpayer? Should we brace ourselves for a simpler and more user-friendly tax code, or is there something deeper—perhaps even concerning—lurking behind this major reform?
