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Business Standard
4 days ago
- Business
- Business Standard
No retrospective change in I-T Bill, only simplification: Baijayant Panda
The old law had become so complicated that even experts couldn't give the clear answer, says Panda premium Monika Yadav New Delhi Listen to This Article The new Income-Tax Bill does not override the intent of the Income Tax Act, 1961, but simplifies its language and structure, says Lok Sabha Member Baijayant Panda, who chaired the 31-member select committee to review its draft. In an interview with Monika Yadav, Panda says with the rising number of filings, resources need to be scaled up. Edited excerpts: Do you believe the Bill has been simplified enough to significantly reduce tax disputes and litigation? This is the first step towards simplification. The law has become complicated. It is 64 years old and has undergone more than 4,000 amendments, resulting
Time of India
6 days ago
- Business
- Time of India
47 chapters brought down to 23; 819 provisions reduced to 536 in Income-tax Bill, 2025
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Lok Jan Shakti Party (Ram Vilas) MP in Lok Sabha and member of the Select Committee on the Income-Tax Bill, 2025, Arun Bharti , welcomed the Bill and said 47 chapters have been brought down to 23, while 819 provisions have been reduced to 536. Income Tax Bill 2025 is a major step by the NDA Govt for the simplification and transparency of the provisions of Income Tax Act 47 chapters have been brought down to 23. Around 819 provisions have been reduced to 536. The number of words has been brought down to almost sector will benefit, TDS limit has been assessment will be of this will make it easier...," the MP told Bharti said that the Bill brings sweeping structural changes to the tax code by simplifying provisions and enhancing said, "The Income Tax Bill, 2025, is a historic initiative aimed at making India's tax system simpler, more transparent, and just. Compared to the old laws, it introduces substantial structural reforms. The number of chapters has been reduced from 47 to 23. The number of sections has been brought down from around 819 to 536, and the total word count has been nearly halved. This means less confusion and more clarity -- that's the first key point."The LJP MP pointed out that one of the primary objectives of the new bill is to reduce "ambiguity" in which led to "disputes and court cases.""The new bill ensures clarity and reduces litigation. In the 1961 Act, the language was complex, the sections were lengthy, and the provisions were full of ambiguities, which consistently led to disputes and court cases. In contrast, the new bill uses simple, straightforward language, follows a table-based (tabular) format, and eliminates scope for confusion through well-defined and integrated tax year provisions," Bharti the impact of the bill on small businesses and emerging enterprises, Bharti said the legislation offers "significant relief" to startups and added, "The second key point is the significant relief provided to startups and MSMEs. There will be a faceless assessment process. The time limit for updating returns has been increased from two years to four. The threshold for TDS (Tax Deducted at Source) has been raised, reducing the compliance burden on small businesses. The hassles of receiving notices, responding to them, and paperwork will be greatly reduced."He further emphasised that the new Bill would tackle several long-standing taxpayer grievances, including delays in refunds, harsh TDS rules on late filings, and the repetitive nature of tax Bihar parliamentarian supplemented, "The third key point is the reduction in the compliance burden. Practical and timely solutions will be provided for issues such as delays in refunds, harsh and unclear TDS rules on late filings, and repeated notices. This is not just a tax reform -- it lays a new foundation for respecting and protecting honest taxpayers. Let us take a firm step toward a transparent and simplified tax system."Earlier on July 21, Select Committee on Income Tax Bill Chairperson and Bharatiya Janata Party MP Baijyant Panda presented the 4,584 pages Report of the Select Committee on the Income-Tax Bill, 2025 in the Lok Panda's leadership as Chairperson, the Committee undertook a thorough and inclusive review process. It conducted stakeholder consultations, meeting with industry leaders, mid-level tax practitioners, legal experts, MSME bodies, Non Profit Organisations, economists, and civil society representatives to gather diverse perspectives, according to an official 31-member committee had unanimously adopted the report during the comprehensive deliberations, the Committee submitted 285 recommendations focused on simplifying the tax regime and making the Income Tax legislation simplified and Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation.
NDTV
7 days ago
- Business
- NDTV
New Income Tax Bill Halves Word Count, Eases Compliance: Baijayant Jay Panda
New Delhi: BJP Member of Parliament and Chairman of the Finance Select Committee, Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Mr Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Mr Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Mr Panda clarified. Mr Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
Time of India
7 days ago
- Business
- Time of India
New Income Tax bill halves word count, eases compliance: Chairman of the Finance Select Committee, Baijayant Jay Panda
BJP Member of Parliament and Chairman of the Finance Select Committee , Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. Explore courses from Top Institutes in Please select course: Select a Course Category Technology Public Policy Degree Digital Marketing others Operations Management Design Thinking Project Management Leadership PGDM Management CXO MBA healthcare Data Science Data Science Artificial Intelligence MCA Cybersecurity Others Healthcare Data Analytics Finance Product Management Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Panda clarified. Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Live Events Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
Economic Times
21-07-2025
- Business
- Economic Times
Parliamentary panel recommends ease in refunds to small tax payers if IT return not filed in due time
Representative image. Synopsis A parliamentary panel has suggested key changes to the Income-Tax Bill 2025, focusing on clarity and alignment with existing laws. The recommendations include easing refund rules for small taxpayers, modifying property deduction calculations, and clarifying definitions for non-profits. These changes aim to reduce ambiguity and provide relief to taxpayers. The report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha on Monday. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. ADVERTISEMENT The panel examined the Income-tax Bill 2025, which seeks to simplify language and structure of the Income Tax Act 1961 and submitted its report The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee in its 4,584 page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its give a significant relief to tax payers, the committee has suggested change the provision which disallows refunds, if income tax returns are filed beyond the due law should not compel a return merely to avoid penal provisions for non-filing. ADVERTISEMENT The committee suggested removing the clause of mandatory requirement of filing return to claim refund by small tax payers whose income falls below the taxable threshold but from whom tax has been deducted at source. Flexibility should be given to such tax payers and they should be allowed to claim refund even in cases where the return is not filed in due give relief to property owners, the committee suggested that the standard 30 per cent deduction should be computed on the annual value of the property after deducting municipal taxes and to ensure that deduction for pre-construction interest should be given for let-out properties along with self-occupied ones as given in the existing IT Act. ADVERTISEMENT Other recommendations of the committee include aligning definition of micro and small enterprises with the MSME non-profit organisations, the committee asked for clarification over the terms 'income' vs 'receipts', anonymous donations, and the removal of the deemed application concept. The panel asked for these to be fixed to avoid legal disputes. ADVERTISEMENT The report also recommended amendments in the bill for clarity on advance ruling fees, TDS on provident funds, low-tax certificates, and penalty powers. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
