Select Committee submits report on New Income Tax Bill, 2025; overhaul of 1961 Act proposed
The Select Committee of Parliament on Monday (July 21) presented its report on the New Income Tax Bill, 2025, to the Lok Sabha. The 31-member committee, chaired by BJP leader Baijayant Panda, was tasked with examining the Bill clause by clause. After adopting its final report on July 16, the panel submitted it during the ongoing Monsoon Session.
The Bill, introduced by Finance Minister Nirmala Sitharaman on February 13, proposes a complete overhaul of the six-decade-old Income Tax Act, 1961, aiming to make the tax law simpler and more transparent.
One of the most striking changes is the drastic reduction in length and complexity. The word count of the Act is proposed to be halved — from over 5.12 lakh words to about 2.6 lakh — with the number of sections cut down from 819 to 536, and chapters reduced from 47 to 23.
A key change is the replacement of the terms 'previous year' and 'assessment year' with a single term, 'tax year', eliminating the two-stage income reporting system and streamlining filing procedures. The Bill also introduces tables and formulae to replace legal jargon, trims more than 2,000 provisos and explanations, and restructures TDS and TCS rules into clear tables.
The committee considered over 1,300 suggestions from industry bodies, tax professionals and stakeholders, ultimately accepting 285 recommendations, including 84 major changes. It consulted experts and groups such as CII and FICCI during meetings in Bengaluru and Mumbai, and sought public input via Sansad TV, newspapers and social media.
For salaried taxpayers, perquisite rules have been consolidated into simple tables, while provisions for non-profit organisations are grouped under one chapter. Outdated and redundant clauses have been dropped.
Officials believe the new law will make tax provisions more readable, cut down litigation and lower compliance costs. The government aims to implement the New Income Tax Act starting April 1, 2026.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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