New Delhi, Feb. 9 -- After Cabinet cleared it, the new income tax bill is set to be tabled in Parliament next week. The new bill is expected to reduce the number of sections by 25-30 percent to make the law simpler and more concise, Business Standard reported quoting an official without naming him/her.

Even the provisos and explanations have also been removed, and the word count has been halved, it further mentions.

The official also confirmed that there is no excessive power and no excessive case of delegation.

The power relating to quantification of income and levy of rates remain with Parliament. Every single rupee has to be collected after Parliamentary approval, this is the fundamental principle of taxation and it can never change...