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The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on 13th February 2025 to replace the existing Income-Tax Act, 1961, has been formally withdrawn. A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Panda, will be introduced on Monday, August 11.
Cabinet approves revised Income Tax Bill 2025, to be tabled in Parliament on August 11
The Cabinet has approved the revised Income Tax Bill, 2025, sources said on Friday.
The approval comes weeks after a new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Panda, was submitted to the Cabinet.
The revised new Income Tax Bill, 2025, will be tabled in the Parliament on Monday, August 11, the sources said.
The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income-Tax Act, 1961, has been formally withdrawn.
Before the House was adjourned, Finance Minister Nirmala Sitharaman withdrew the earlier 'Income-Tax Bill, 2025', with the Select Committee having submitted its report on it.
The government has accepted almost all the recommendations made by the Select Committee. Suggestions have also been received that need to be incorporated to convey the correct legislative meaning.
New Income Tax Bill
In Budget 2024, presented in July that year, the government proposed a comprehensive review of the Income-tax Act of 1961. Finance Minister Nirmala Sitharaman had said that the new Income Tax Bill will make the Act concise and lucid and reduce disputes and litigation.The Income-Tax Bill, 2025, was tabled in Parliament on February 13, 2025 and was referred to the Select Committee for a detailed examination on the same date.
After comprehensive deliberations, the Committee submitted 285 recommendations focused on simplifying the tax regime and making the Income Tax legislation simplified and lucid.
Following this on July 21, Select Committee on Income Tax Bill Chairperson and Bharatiya Janata Party MP Baijyant Panda presented the 4,584 pages report of the Select Committee on the Income-Tax Bill, 2025 in the Lok Sabha.
The Select Committee on the Income Tax Bill, 2025, undertook a thorough review of the proposal. It conducted stakeholder consultations, meeting with industry leaders, mid-level tax practitioners, legal experts, MSME bodies, Non Profit Organisations, economists, and civil society representatives to gather diverse perspectives, according to an official statement.
The 31-member panel had made a number of suggestion, and favoured continuing tax exemption on anonymous donations made to religious-cum-charitable trusts in the new law, besides suggesting that taxpayers be allowed to claim TDS refund even after the ITR filing due date without paying any penal charges.
Source: LiveMint
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