New Delhi, Feb. 11 -- After receiving the cabinet nod last week,new income tax law is set to be tabled in the Parliament this week in the ongoingbudget session.

This is seen as a historic bill which will replace the current legislation which was enacted way back in 1961.

Why is there a need for the new income tax law? There are essentially four aims to introduce the same. These are i) to reduce the litigation between taxpayers and income tax department, ii) simplification of text in the provisions, iii) removing the provisions that are not useful anymore and finally, iv) reducing procedural formalities which are avoidable.

The new law is expected to be around half the size of the current lawwith 25-30 percent fewer provisions.

2. To b...