New income-tax law: A case for simplification in language and format

Over the years, several attempts have been made to reform Income Tax Act, the first being between 1986 and 1991, second in 1996, third in 2010 in the form of Direct Taxes Code (DTC), and then in 2017

The Income Tax Act, 1961 replaced the Income Tax Act of 1922 following the recommendations of the Law Commission in 1958 and the Direct Tax Administration Enquiry Committee. The taxation philosophy of the time is best summarised in the 1962 Budget Speech, where the finance minister emphasised that tax policy was not just about raising revenue but also about augmenting savings, promoting exports, ensuring a balanced economy, and achieving social justice. 

Following this philosophy, over the decades, several exemptions/deductions were introduced by amending the Act, such as deductions for export income, setting up industries in specified areas/ specified sectors, expenditure