New Delhi, Aug. 12 -- The Lok Sabha on Monday passed the Income-Tax (No 2) Bill - a revised version of the earlier legislation - by extensively incorporating suggestions of the select committee of Parliament, which include further elimination of ambiguities for ease of taxpayers, enhancing ease of compliance, and aligning taxation laws with recent reforms. "This bill seeks to repeal the Income-tax Act, 1961 and re-enact the proposed legislation.," a memorandum attached with the bill said, mentioning that the purpose of the legislation is "to consolidate and amend the law relating to income-tax." The bill -passed in about three minutes with no discussion - seeks to provide relief to individual taxpayers by streamlining provisions of tax dedu...