Union Finance Minister Nirmala Sitharaman tabled the new Income Tax Bill 2025 in Lok Sabha on Monday.
The new bill is the revised version, incorporating most recommendations of the Select Committee chaired by Baijayant Panda. The government has accepted majority of the suggestions submitted by the Select Parliamentary Panel, which conducted a detailed review of the draft legislation.
The new bill came after The Income-Tax Bill, 2025, introduced in Lok Sabha on Feb. 13 to replace the Income-Tax Act, 1961, was formally withdrawn last week. The new bill aims to avoid confusion from multiple versions and ensure a single, updated draft is considered by the House.
NDTV profit had reported last week that while the legislation is currently listed for tabling in the ongoing Monsoon Session, sources indicate that it may now be pushed to the Winter Session to allow more time for revisions.
The new Income-Tax Bill is a crucial part of the government's broader tax reform effort, aimed at overhauling and simplifying the decades-old Income-Tax Act of 1961.
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