New Delhi: The Parliamentary Select Committee on the Income Tax Bill, 2025 has finalised its report, making 285 suggestions aimed at refining the proposed legislation that seeks to modernise and simplify India’s income tax laws. The report will be tabled in the Lok Sabha on Monday, the opening day of the Monsoon Session.
The committee, chaired by BJP leader Baijayant Panda, was constituted to examine the draft Income Tax Bill. A member of the panel confirmed, “We have made 285 suggestions to the Bill.” The comprehensive review includes recommendations focused on enhancing clarity, improving procedural efficiency, and streamlining the overall tax framework.
Following the presentation of the report to Parliament, the government will assess the committee’s recommendations. If necessary, it will seek Cabinet approval before moving the revised bill for consideration and passage in the Lok Sabha. The government aims to implement the new tax legislation starting April 1, 2026.
The Income Tax Bill, 2025 is intended to replace the existing Income Tax Act, 1961, which has been in force since April 1, 1962. Over the years, the 1961 Act has undergone 65 amendments and more than 4,000 changes to its various provisions. The proposed legislation is designed to simplify the language, remove redundancies, and modernise tax procedures to improve the overall taxpayer experience.
With PTI inputs