Union Budget 2025: Will Nirmala Sitharaman replace the Income Tax Act with a Direct Tax Code?

As the country prepares for the Union Budget 2025, businesses, individuals and all other taxpayers are hoping for a simplification of the current tax system. Nirmala Sitharaman herself started it by presenting the Union Budget 2024. She announced a review of the Income Tax Act 1961, aimed at simplifying the Act, making it clear, easy to read, and understand.