New Delhi, July 23 -- BJP Member of Parliament and Chairman of the Finance Select Committee, Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates.

Speaking about the legislative overhaul, Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said.

"T...