New Income Tax Bill, Feb. 13 -- Finance Minister Nirmala Sitharaman tabled the long-awaited bill for the new tax code in the Lok Sabha on Thursday, February 13.

While the new bill is a significantly shorter version of the Income Tax Act of 1961, it mandates that assessees would have to share their computer " access codes" with tax officials during search and seizure operations, reported The Print.

One of the major criticisms of the existing Income Tax Act was the broad powers it granted to tax officials, allowing them to enter premises, conduct searches, and seize assets or information without providing a clear reason. However, the new Income tax Bill has provisions that require more cooperation with tax officials than was previously ou...