New Delhi, Jul 23 (PTI) The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read.

Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.

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She added that two tax exemption regimes for charitable trusts will be merged into one.

Also, 58 per cent of corporate tax have come from simplified tax regime in FY23.

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More than two-thirds of individuals availed of the new income tax regime, Sitharaman said in the Lok Sabha.

The FM further announced that DPI apps will be developed for credit, e-commerce, education, health, law, MSME service delivery, and urban governance.

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