New Delhi/IBNS, Feb. 1 -- Union finance minister Nirmala Sitharaman on Friday announced that the new Income Tax bill will be introduced next week delivering the Modi government's first full budget since returning to power for the third term.

Sitharaman said the new bill will be a lot simpler for the taxpayers to understand.

The 1961 Act, which is about imposing direct tax as well as security transactions, gifts and wealth, comprises 23 chapters and 298 sections.

The Direct Tax Code, which was given a glimpse by Sitharaman last year during the budget, is aimed at simplifying the tax system and reducing the page count.

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