Par panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday

New Delhi: A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha on Monday.
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha.
The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action.
The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation.
Provisions relating to exemptions and TDS/TCS have been made crispier in the Bill by putting them in a tabular format, while the chapter for not-for-profit organisations has been made comprehensive with use of plain language. As a result of this, the word count has come down by 34,547.
In a taxpayer-friendly move, the Bill replaces the term ‘previous year’ as mentioned in the Income Tax Act, 1961 with ‘tax year’. Also, the concept of assessment year has been done away with.