Par Panel Report On New IT Bill To Be Tabled In LS Today

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.

- TDG NETWORK

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.