Income Tax Act to be amended
The government would amend the Income tax Act to make it simpler and prevent its ''abuse and exploitation'', Finance Minister P Chidambaram told the Rajya Sabha yesterday. The Finance Minister said that the Income Tax (Amendment) Bill will be brought before Parliament during the budget session next year. ''Too many people abuse and exploit the present Income Tax Act,'' he pointed out and said that the revised and simpler IT Act would not only improve the tax collection but also instill fear of law among the people who would realise that it was a grave offence not to file the IT return.