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I-T Bill: Panel Proposes Key Changes
The Morning Standard
|July 22, 2025
LS panel recommends over 30 key changes including in definitions, deductions, among others
The 31-member select committee of Lok Sabha on the Income Tax Bill, 2025 has recommended over 30 key changes in the bill, suggesting changes in definitions, clarification on various deductions as well as reinstatement of a few provisions dropped in the bill. The report by the committee headed by BJP leader Baijayant Panda was presented in the Lok Sabha on Monday.
The Committee has suggested changes in definition of capital asset, infrastructure capital company, MSME, while clarifying property-related deductions, and reinforcing the 'actual payment' rule for business expenses.
This story is from the July 22, 2025 edition of The Morning Standard.
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