Mysuru, June 14 -- The forthcoming Income Tax Act, 2025, which is set to replace the decades-old Income Tax Act of 1961, has been designed to be simpler, more transparent and more taxpayer-friendly, according to Range-1 Additional Commissioner of Income Tax Kalpalatha Rajan.

Speaking at a seminar on 'Income Tax and Compliance in the Real Estate Sector under the New Act,' jointly organised by the Confederation of Real Estate Developers' Association of India (CREDAI), Mysuru and the Builders Association of India (BAI), Mysuru, at MBCT auditorium in city recently, Kalpalatha Rajan outlined the key reforms proposed under the new legislation.

She said that the 1961 Act had been amended hundreds of times over the decades, often resulting in c...