New Income Tax Rules Coming Soon: Lok Sabha Select Committee Adopts I-T Bill 2025; To Be Tabled In Monsoon Session Of Parliament
This parliamentary committee, chaired by BJP leader Baijayant Panda, has made a total of 285 recommendations in the draft law.
According to sources, the 3,709-page draft legislation is likely to be tabled in the Lok Sabha next week on Monday, July 21, 2025, the first day of the Monsoon Session of Parliament. This move paves the way for the passage of the Bill, which was introduced in Parliament earlier this year during the Budget Session.
Sources indicate that the Bill includes 285 suggestions. The Select Committee's report will be presented in the Lok Sabha on July 21, 2025.
It is expected that this Bill will be passed during the Monsoon Session. After the committee submits its report, the government will consider these recommendations and present the Bill in the Lok Sabha for consideration and passage.
The government aims to implement this new income tax law from April 1, 2026. The new Bill seeks to simplify the language of income tax law, remove redundancies, and streamline procedures, making it more understandable and easier for taxpayers.
Once implemented, this new Bill will replace the Income Tax Act, 1961, which has been effective since April 1, 1962. The 1961 Act has undergone 65 amendments to date, with over 4,000 modifications made to its various sections.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
28 minutes ago
- The Hindu
Parliamentary panel clears Income Tax Bill 2025 with 285 suggestions, to be tabled in Monsoon Session
The Select Committee of Parliament that examines the Income Tax Bill-2025 is learnt to have finalised its report on Wednesday (July 16, 2025) with about 285 suggestions to change the legislation. The committee, headed by senior BJP MP Baijayant Panda, is likely to submit the report in the upcoming Monsoon Session of Parliament. Introduced in Lok Sabha on February 13, 2025, the Bill was referred to a Select Committee on the same day with instructions to report by the first day of Monsoon Session. Finance Minister Nirmala Sitharaman had announced in the 2024 budget that the Centre will comprehensively review the Income-Tax Act, 1961 in a time-bound manner to make it concise and easily understandable. 'Accordingly, the Income-Tax Bill, 2025 has been prepared which proposes to repeal and replace the Income Tax Act, 1961,' the Minister said in the statement of objects and reasons of the Bill. She added that the Income Tax Act passed in 1961 has been subjected to numerous amendments since its passage. 'As a result of these changes, the basic structure of the Income Tax Act has been overburdened and the language has become complex, increasing cost of compliance for taxpayers and hampering efficiency of direct tax administration. Tax administrators, practitioners and taxpayers have also raised concerns about the complicated provisions and structure of the Act,' she said. The Opposition had raised apprehensions on certain provisions of the Act and had alleged that it provides for misuse of power by authorities.
News18
an hour ago
- News18
Hanuman Chalisa Echoes In UK Parliament During Dhirendra Shastri's Visit
Last Updated: For the first time in UK Parliament history, Hanuman Chalisa was recited during Pandit Dhirendra Krishna Shastri's visit, with officials and lawmakers joining in devotion. For the first time in the history of UK's Parliament, the verses on Hanuman Chalisa were recited inside the Parliament House during Pandit Dhirendra Krishna Shastri's visit to the European country. As per the video shared by Bageshwar Dham's X handle, several people, officials and lawmakers were seen reciting the verses with devotion in the presence of Pandit Dhirendra Krishna Shastri, popularly known as Bageshwar Dham Baba. 'For the first time in the history of London's Parliament… Shri Hanuman Chalisa recitation by the revered government… All guests present in the Parliament recited with devotion…," Bageshwar Dham said in a post on X while sharing the video. लंदन के संसद के इतिहास में पहली बार… श्री हनुमान चालीसा पाठ पूज्य सरकार द्वारा..संसद में आए सभी अतिथियों ने मनोभाव से किया पाठ… #bageshwardhamsarkar #london #hanumanchalisa #parliament #bageshwardhamlondon #bageshwardham #acharyadhirendrakrishnashastri — Bageshwar Dham Sarkar (Official) (@bageshwardham) July 16, 2025 This is the first time that an Indian religious text has been recited in the British Parliament. Earlier this year in April, Indian diaspora gathered outside the Pakistan High Commission and recited 'Hanuman Chalisa" after protests broke out between Indian and Pakistani diaspora following Pahalgam terror attack which claimed the lives of 26 individuals. Meanwhile, Pandit Dhirendra Krishna Shastri earlier hit the headlines for his wardrobe, and his timing during his Australia tour. The young seer from Madhya Pradesh's Chhatarpur was heavily trolled online after photos surfaced of him wearing stylish sunglasses and a pricey-looking jacket aboard a plane and even enjoying a cruise. view comments First Published: July 16, 2025, 22:26 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025
Dropping of provision that denies refunds if returns are filed after the due date and reinstatement of the inter-corporate dividend deduction were among the 285 suggestions made by the select committee of Lok Sabha examining the Income Tax Bill, 2025 -- which was adopted on Wednesday. The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026. Overall, the committee has recommended about 285 changes, most of which involved simplifying the language of the draft legislation. The committee will present its report in the Lok Sabha on July 21, the first day of the Monsoon session. The committee, headed by Bharatiya Janata Party (BJP) Lok Sabha member Baijayant Panda, has suggested the removal of a controversial provision that denies refunds if returns are filed after the due date. The New Income Tax Bill, 2025 drafted by the finance ministry required that a person seeking refunds under chapter XX must mandatorily file income tax returns within the due date. On top of that, as per section 433 of the New IT Bill states that a refund should be sought only while filing a return, which created a contradiction. 'The Select Committee has appropriately deleted clause 263(1)(ix), so that there is no unnecessary litigation in this matter which would have impacted all the taxpayers. Taxpayers remain ever grateful for this by maintaining that there are no policy changes in the provisions related to refunds in the New IT Bill, 2025,' said Vivek Jalan, partner with Tax Connect Advisory Services. Deduction under section 80M (Clause 148 of New bill) for Inter Corporate Dividends for companies availing the benefit of special rate of tax under section 115BAA (Clause 200 of the New bill) which is available in the Current Income Tax Act, was also erroneously missed out in the New Income Tax Bill 2025. The select committee has now recommended reinstatement of the inter-corporate dividend deduction. In the IT Bill 2025, presented on February 25, in clause 395, only low TDS (Tax Deducted At Source) deduction certificate was available to the taxpayers. Now, in addition to low deduction TDS Certificate, even NIL TDS certificate can be availed by taxpayers. 'This aligns the new IT Bill with the current IT Act, 1961 and would provide consequential relief to taxpayers whose funds get blocked by deduction of TDS where no tax is applicable to them at all. This is beneficial primarily to businesses which incur losses in a tax year or tax exempt entities like charitable organisations,' Jalan added. 'The panel has suggested 285 changes to the Bill. The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha,' a member of the select committee said, requesting anonymity.
