New income tax bill: Parliamentary panel to table its report in Lok Sabha on July 21
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha.
The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action.
The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation.
The new bill, introduced in the Lok Sabha, has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective sections in the existing law.
The number of chapters has also been halved to 23 from 47, according to the FAQs (frequently asked questions) issued by the I-T department.
The Income Tax Bill 2025 has 57 tables, compared to 18 in the existing Act and removed 1,200 provisos and 900 explanations.
Provisions relating to exemptions and TDS/TCS have been made crispier in the Bill by putting them in a tabular format, while the chapter for not-for-profit organisations has been made comprehensive with use of plain language. As a result of this, the word count has come down by 34,547.
In a taxpayer-friendly move, the Bill replaces the term 'previous year' as mentioned in the Income Tax Act, 1961 with 'tax year'. Also, the concept of assessment year has been done away with.
Currently, for income earned in the previous year (say 2023-24), tax is paid in assessment year (say 2024-25). This previous year and assessment year (AY) concept has been removed and only tax year under the simplified bill has been brought in.
While introducing the Bill in the Lok Sabha, Sitharaman had said that "substantial changes" have been made in the Bill. The number of words have been halved from 5.12 lakh, and sections reduced from 819 to 236.
Following introduction, the Bill was referred to the select committee of the Lok Sabha and the committee was mandated to submit its report by the first day of next session.
The Monsoon session of Parliament is scheduled to sit from July 21 to August 21, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Print
7 minutes ago
- The Print
Arrest of Khadse's son-in-law in drugs case suspicious: Sanjay Raut
The former Maharashtra minister's home was attacked to shut his mouth, he said in an apparent reference to Khadse. Talking to reporters in New Delhi, Raut dubbed the arrest of Khadse's son-in-law Pranjal Khewalkar as suspicious and also slammed the ruling BJP, alleging it was 'targeting' family members of political rivals and maligning them. Mumbai, Jul 28 (PTI) A day after the arrest of Eknath Khadse's son-in-law in a drugs case, Shiv Sena (UBT) MP Sanjay Raut on Monday claimed the former Maharashtra minister was being targeted for linking BJP leader Girish Mahajan with an alleged honey trap scandal. Pranjal Khewalkar, the husband of Eknath Khadse's daughter Rohini Khadse, was arrested along with six others after the police raided a 'drug party' at an apartment in Pune in the early hours of Sunday and claimed to have seized narcotics, hookah set ups and liquor from there. Rohini Khadse is the state head of the NCP (SP) women's wing. 'The entire matter is suspicious,' Raut said. 'Khadse has been talking about honey traps for the last three days. He is talking about the involvement of (state cabinet minister) Girish Mahajan in this but there is no probe related to it. Now that Khadse is talking, his son-in-law has been arrested,' the Rajya Sabha member said. Such incidents were occurring everywhere in Maharashtra, Raut said. He also accused the police of having become a servant and targeting those who speak against the government. Mahajan recently accused Khadse of trying to malign his image by raising baseless allegations in connection with an alleged honeytrap scandal. The fight between Khadse, a BJP veteran who quit the party to join the then undivided NCP in 2020, and Mahajan is not new. Both belong to the Jalgaon district. 'We followed a principle that family members (of political rivals) were never dragged. Unfortunately, people from the BJP are now targeting family members, maligning them,' Raut charged. He claimed that after the arrest of Khadse's son-in-law, Mahajan was just short of breaking into a dance. NCP leader and former minister Nawab Malik's son-in-law was arrested in a similar NDPS (Narcotic Drugs and Psychotropic Substances (NDPS) Act case and so was actor Shahrukh Khan's son Aryan Khan, Raut pointed out. PTI PR GK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Scroll.in
7 minutes ago
- Scroll.in
Wrong to claim India halted Operation Sindoor under pressure, Rajnath Singh tells Parliament
Defence Minister Rajnath Singh told Parliament on Monday that it was ' absolutely wrong ' to claim that India halted Operation Sindoor under any pressure. Opening a 16-hour debate in the Lok Sabha on the Pahalgam terror attack and Operation Sindoor, Singh said that India decided to pause its action against the terror camps in Pakistan and Pakistan-occupied Kashmir as it had achieved its political and military objectives. The defence minister also said that nine terror camps were destroyed at the start of the operation of May 7, and that India has proof of damage caused inside Pakistan and Pakistan-occupied Kashmir. Singh said that the operation on May 7 lasted 22 minutes and was 'non-escalatory' in nature. He added that the armed forces had taken all precautions to avoid civilian casualties. 'Before executing Operation Sindoor, our forces studied every aspect and chose the option that would cause maximum damage to terrorists, while ensuring no harm to innocent civilians,' he said. Singh said that while the Opposition had questioned the government's claims, they had not once asked how many Pakistani aircraft had been shot down. 'I believe these questions do not reflect national sentiments,' he said. 'Their question should be whether India destroyed terror bases, and whether Operation Sindoor has been a success,' the defence minister said. 'The answer is yes. They should ask whether any of our brave soldiers have been harmed in the operation. The answer is no.' Tensions between New Delhi and Islamabad escalated on May 7 when the Indian military carried out strikes – codenamed Operation Sindoor – on what it claimed were terrorist camps in Pakistan and Pakistan-occupied Kashmir. The strikes were in response to the terror attack in Jammu and Kashmir's Pahalgam, which killed 26 persons on April 22. The Pakistan Army retaliated to Indian strikes by repeatedly shelling Indian villages along the Line of Control in Jammu and Kashmir. At least 22 Indian civilians and eight defence personnel were killed in the shelling. India and Pakistan on May 10 reached an 'understanding' to halt firing following the four-day conflict.
India Today
7 minutes ago
- India Today
Kerala nuns arrested in Chhattisgarh for alleged conversion, Rahul Gandhi slams BJP
Two Catholic nuns from Kerala, Sisters Vandana Francis and Preeti, were taken into custody at Durg Railway Station in Chhattisgarh on Saturday. The duo, who had reportedly arrived to pick up women coming to work at a local convent, were arrested along with a third person based on a complaint by a Bajrang Dal functionary. The complaint alleged they were forcibly converting and trafficking three girls from arrest has triggered a political storm, with Congress leader Rahul Gandhi alleging that the nuns were targeted for their faith. 'Two Catholic nuns jailed in Chhattisgarh after being targeted for their faith, this isn't justice, it's BJP-RSS mob rule,' Gandhi posted on X. Calling it part of a 'dangerous pattern' of systematic persecution of minorities, he demanded their immediate release and accountability from the authorities. Kerala Chief Minister Pinarayi Vijayan also raised serious concerns over the incident. In a letter to Prime Minister Narendra Modi, he urged direct intervention to ensure justice. The Chief Minister pointed out that the families of the nuns have been unable to contact them since the detention and called for transparent and fair proceedings in the UDF MPs staged a protest in the Parliament complex on Monday. Congress general secretary K C Venugopal, along with RSP MP N K Premachandran and IUML MP E T Mohammed Basheer, held placards reading 'Stop attacks on minorities' in front of the Makar Dwar said the nuns were harassed by a 'violent mob' despite no wrongdoing. 'This jugalbandi between Bajrang Dal goons and the police shows the BJP's real intent towards minorities,' he wrote on also accused the ruling establishment of enabling hate crimes and wrote to Union Home Minister Amit Shah and Chhattisgarh Chief Minister Vishnu Deo Sai seeking justice and constitutional protection for minorities.- EndsMust Watch IN THIS STORY#Kerala
