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Panel Suggests Refund Relief for Late Filers
The Business Guardian
|July 22, 2025
The report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha on Monday.
In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks.
The panel examined the Income-tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination.
The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
To give significant relief to taxpayers, the committee has suggested changing the provision which disallows refunds if income tax returns are filed beyond the due date.
This story is from the July 22, 2025 edition of The Business Guardian.
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