New Income tax code is out !!! Some key changes observed from the high level review: ✔️ The new bill has 622 pages as compared to 823 pages earlier. ✔️ Cross referencing between sections and rules has been curtailed to the extent possible ✔️ Number of proviso and explanations have been substantially reduced ✔️ References to redundant sections, previous dates and years have been removed now. ✔️ Term “notwithstanding” has been replaced with “irrespective of anything” at many places. ✔️ Terms ‘Assessment year’ and ‘Previous year’ have been removed and the single term ‘Tax year’ will be used going forward ✔️ Tabular format has been used for TDS rates, assessment timelines, presumptive taxation etc. ✔️ DRP directions shall be detailed and reasoned