New Delhi, Feb. 5 -- An important piece of law - encapsulating 298 sections - which determines the major sources of income for thefifth largest economy in the world was passed in 1961.

In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. From tweaks in the tax rates to the introduction ofnew provisions; from bringing a new exemption to the scrapping of old ones - this Act has seen a lot in the past six decades and counting.

Over these years, the Income Tax Act has undergone so many revisions that it arguably looks very different from the shape and form it carried when it was a new legislation.

For a long time now, tax experts andtaxpayers have felt the need for a new law which is written on a cl...