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Select Committee submits report on Income Tax Bill, 2025; seeks key edits
The committee, which includes 31 Lok Sabha members, was tasked with examining the Bill and suggesting improvements. It submitted its report on the first day of the Monsoon Session as scheduled.
Key recommendations from the committee
Updating definitions: The Select Committee recommends changes in several definitions such as 'capital asset', 'infrastructure capital company', and 'micro and small enterprises' to bring them in line with current laws. The aim is to make the law more self-contained and easier to interpret.
Relief for homeowners and taxpayers: To improve fairness for property owners, the committee suggested changes to how deductions for house property income are calculated. It also recommended that people be allowed to carry forward losses even if there are temporary changes in shareholding, as long as continuity is later restored.
Focus on fairness and reducing litigation
Protecting taxpayers' rights: The committee advised reintroducing the phrase 'in the circumstances of the case' in rules around tax avoidance.
Better rules for non-profits: Several suggestions were made to protect religious and charitable trusts. This included imposing 30 per cent tax on anonymous donations and exempting wholly religious trusts. It also included retaining provisions for 'deemed application' of income — crucial for organisations that receive delayed funds.
Flexibility for small taxpayers: For concerns around compulsory filing of returns for refunds, the Select Committee recommended removing this requirement for those with incomes below the taxable limit, especially if tax has already been deducted.
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