Archive · 20 Jul 2025
Select Committee to Present Report on New Income Tax Bill on Monday
Imagine the government is rewriting the rules for how people pay taxes.
A special group of people looked at the new rules and made suggestions.
They are giving their report to the Lok Sabha on Monday.
The new rules are supposed to make things simpler and clearer, with fewer confusing parts.
The goal is to cut down on arguments and make it easier for everyone to understand how to pay their taxes.
It replaces old terms, like 'previous year' with just 'tax year.'
The new bill aims to modernize the tax system.
Select Committee on Income Tax Bill to table report in Lok Sabha on Monday.
The government plans to pass the bill during the Monsoon Session.
The new bill seeks to reduce litigation and simplify tax laws.
The bill simplifies the previous and assessment year concept to just tax year.
The Select Committee made 285 suggestions to the bill.
- Who
- The Select Committee, led by Baijayant Panda and including Suoriya Sule, and the government.
- What
- The Select Committee on the Income Tax Bill is tabling its report in Lok Sabha.
- When
- Monday, during the Monsoon Session.
- Where
- Lok Sabha (Parliament).
- Why
- To present the report and potentially pass the new Income Tax Bill to simplify and modernize tax laws.
- Bill Title
- Income Tax Bill, 2025
- Report Tabling Date
- Monday
- Committee Suggestions
- 285
- Word Count of New Bill
- 2.6 lakh
- Sections in New Bill
- 536