The Income-Tax Bill, 2025, introduced in Lok Sabha on Feb. 13 to replace the Income-Tax Act, 1961, has been formally withdrawn, sources told NDTV Profit.
A revised version, incorporating most recommendations of the Select Committee chaired by Baijayant Panda, will be introduced on Aug. 11. The government has accepted majority of the suggestions submitted by the Select Parliamentary Panel, which conducted a detailed review of the draft legislation.
In total, the panel had recommended 285 changes, underlining the need for significant fine-tuning before the Bill is ready for passage.
This revised Bill has been approved by the Cabinet, according to people in the know.
This move aims to avoid confusion from multiple versions and ensure a single, updated draft is considered by the House.
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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