Latest news with #IncomeTaxBill-2025
Hans India
5 days ago
- Business
- Hans India
Parl panel on I-T Bill adopts report with 285 suggestions
New Delhi: A Parliamentary panel examining the Income Tax Bill 2025 on Wednesday made 285 suggestions on the draft legislation that seeks to modernise and simplify the country's tax laws. The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda, adopted the report on the draft law, which will be presented to the House on 21 July, Monday, the first day of the Monsoon session. "We have made 285 suggestions to the Bill," a committee member said when asked about the report on the Income Tax Bill. The member said the report of the Select Committee will be presented to the Lok Sabha on Monday and the bill is likely to be passed in the Monsoon session. After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. The government aims to implement the new Income Tax law from April 1, 2026. According to the government, the new Bill aims to simplify language, eliminate redundancy, and streamline procedures and processes to enhance the taxpayer experience. Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962. The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions.
The Hindu
6 days ago
- Business
- 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.
Deccan Herald
6 days ago
- Politics
- Deccan Herald
Parliamentary panel on Income Tax Bill adopts report, makes 285 suggestions
The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda, adopted the report on the draft law, which will be presented to the House on Monday, the first day of the Monsoon session.
Time of India
6 days ago
- Business
- Time of India
Parliamentary panel on Income Tax Bill adopts report, makes 285 suggestions
A Parliamentary panel examining the Income Tax Bill-2025 on Wednesday made 285 suggestions on the draft legislation that seeks to modernise and simplify the country's tax laws. The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda , adopted the report on the draft law, which will be presented to the House on Monday, the first day of the Monsoon session . "We have made 285 suggestions to the Bill," a committee member said when asked about the report on the Income Tax Bill. The member said the report of the Select Committee will be presented to the Lok Sabha on Monday and the bill is likely to be passed in the Monsoon session. After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. Live Events The government aims to implement the new Income Tax law from April 1, 2026. According to the government, the new Bill aims to simplify language, eliminate redundancy, and streamline procedures and processes to enhance the taxpayer experience . Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962. The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions.
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Business Standard
6 days ago
- Business
- Business Standard
Parliamentary panel on Income Tax Bill adopts report, makes 285 suggestions
A Parliamentary panel examining the Income Tax Bill-2025 on Wednesday made 285 suggestions on the draft legislation that seeks to modernise and simplify the country's tax laws. The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda, adopted the report on the draft law, which will be presented to the House on Monday, the first day of the Monsoon session. "We have made 285 suggestions to the Bill," a committee member said when asked about the report on the Income Tax Bill. The member said the report of the Select Committee will be presented to the Lok Sabha on Monday and the bill is likely to be passed in the Monsoon session. After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. The government aims to implement the new Income Tax law from April 1, 2026. According to the government, the new Bill aims to simplify language, eliminate redundancy, and streamline procedures and processes to enhance the taxpayer experience. Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962. The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
