New Income Tax Bill gets Lok Sabha nod

The Lok Sabha approved the new income tax bill, eliminating alternate minimum tax on LLPs and allowing refund claims even without timely return filings. Replacing the 1961 Act, the bill simplifies language, redefines terms like 'tax year,' and incorporates select committee recommendations. It maintains loss carry forward provisions, tweaks MSME definitions, and reintroduces deductions for inter-corporate dividends.