New income tax bill to be tabled in monsoon session

Select committee has been mandated to submit report on new bill, says finance minister

- Rhik Kundu

Finance minister Nirmala Sitharaman on Tuesday said the new income tax bill, currently under review by a select committee, will be taken up for discussion in the upcoming monsoon session of Parliament.

Speaking in the Lok Sabha during a discussion of the finance bill, Sitharaman said the select committee has been mandated to submit its report by the first day of the next session.

"I am also glad to say that through this finance bill, we have brought in the new income tax bill. I have not presented it as part of the finance bill... It's gone into a select committee review, after which we will take it up (in Parliament)," Sitharaman said.

"...Hopefully we will have it (the income tax bill) taken up for discussion in this House during the monsoon session," she added.

The Lok Sabha has constituted a 31-member select committee, chaired by BJP lawmaker Baijayant Jay Panda, to examine the Income Tax Bill 2025.