Income Tax Bill 2025 to be introduced in Parliament today, here’s what to expect
The new bill will incorporate the recommendations of the Select Committee of Parliament. This follows the withdrawal of the earlier version of the Income Tax Bill, 2025, which was introduced in February this year.
The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the Income-Tax Act, 1961, has been withdrawn by the government. A revised version will be tabled today (August 11).
The majority of the 285 suggestions made by the Parliamentary Select Committee, which reviewed the previous Bill and turned in its findings on July 21, are included in the revised draft. Simplifying the legislation’s wording is the main goal of these modifications. The previous version was withdrawn after the committee’s report, with further modifications added based on inputs from other stakeholders. Drafting, phrase alignment, consequential revisions, and cross-referencing are the main areas of these modifications.
