Latest news with #ParliamentarySelectCommittee
Time of India
6 hours ago
- Business
- Time of India
Parliamentary panel suggestions on Income Tax Bill 2025 tabled in Lok Sabha
New Delhi: The Parliamentary Select Committee appointed to review the new Income Tax Bill 2025 has proposed to change the definition of "beneficial owner" to allow carry forward losses as individuals who derive benefits directly or indirectly from shares during the tax year. The 31-member Select Committee, chaired by BJP leader Baijayant Panda , has made 285 suggestions to the draft Income tax bill 2025 in a 4,575 page report tabled in Lok Sabha Monday. Explore courses from Top Institutes in Select a Course Category Healthcare Public Policy Data Science Degree Artificial Intelligence healthcare Others Operations Management Management Finance Data Analytics Project Management Leadership Design Thinking others Product Management Cybersecurity MBA Technology CXO Digital Marketing MCA PGDM Data Science Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details While most of the recommendation are aimed for greater clarity, there were 32 major recommendations including reinstating the deduction in respect of inter-corporate dividends absent in the original draft, a standard 30% deduction to be calculated post-deduction of municipal taxes and extending pre-construction interest deductions to even let-out properties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Pieces of Clothing Older Women should Avoid Learn More To ease the pain points for common taxpayers the report also recommends allowing for 'Nil' tax deduction certificates, and more discretion for officers to waive penalties when non-compliance is not deliberate and allow refunds in case of late filings of tax returns for small taxpayers. The committee has also called for more clarity on the definition of non-performing assets, intending to resolve the long-standing dispute over the definition of NPA under banking and tax laws. The panel wants the term 'parent company' clearly defined, and asked the department to fix gaps in clauses covering capital gains and sought proper provisions for non-profit organisations, highlighting that religious-cum-charitable trusts should not lose exemptions for anonymous donations. The committee calls for eliminating any residual references to the 1961 Act to make the new code self-contained and litigation-resistant. Live Events "Collectively, these recommendations underscore the committee's focus on promoting taxpayer protection, enhancing fairness, and reducing compliance burdens," said Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm. If enacted, these provisions are expected to strengthen transparency, minimize disputes, and further the government's ambition of creating a contemporary, efficient, and user-friendly tax regime." Experts said the report will add more clarity to the new bill left out in the original draft. "Importantly, the report addresses concerns of charitable and not-for-profit entities by advocating clearer definitions, replacing "receipts" with "income" for tax purposes, and restoring the concept of "deemed application", urges inclusion of professionals under electronic payment norms, prescribes qualifications for valuers, and recommends contextual fairness in GAAR provisions," Sandeep Jhunjhunwala, M&A Tax Partner at Nangia Andersen LLP, said.
The Hindu
16 hours ago
- Business
- The Hindu
Parliamentary panel retains Income Tax Bill provisions allowing tax officials to forcibly access social media, private email
The Parliamentary Select Committee appointed to review the new Income Tax Bill 2025 proposed by the government has retained the provisions in the new Bill empowering tax officials to access, forcibly if necessary, the social media and private emails of people they are conducting search and seizure operations on. The Income Tax Bill 2025 was introduced in the Lok Sabha in February 2025. The aim behind the Bill, as per the government, is to simplify and rationalise the existing Income Tax Act 1961 and the numerous amendments that have been made to it over the decades since it was introduced. It was then sent to a Select Committee, chaired by Baijayant Panda, for a review. The government on Monday (July 21, 2025) tabled the 4,575 page report in the Lok Sabha. The new Bill's expanded scope of powers given to tax officials during search and seizure operations has drawn criticism and calls for change, including from the experts the Select Committee consulted during its review. Stricter searches According to the new Bill, if a person is found to be in possession or control of any books of account, or other documents and information maintained digitally, on computer systems, or stored electronically, then they must provide the designated income tax officer 'reasonable technical and other assistance (including access code, by whatever name called) as may be necessary' to enable the officer to inspect 'any information, electronic records and communication or data contained in or available on such computer systems'. Further, the Bill also says that the authorised officer can gain access to these electronic systems by 'overriding the access code to any said computer system, or virtual digital space, where the access code thereof is not available'. A 'virtual digital space' includes social media accounts, online investment accounts, trading accounts, bank accounts, remote server or cloud server, and digital application platforms. According to the report, the stakeholders the Committee consulted during its examination of the Bill raised red flags regarding these provisions. Changes 'not feasible' The stakeholders suggested that the power to gain the access codes of social media accounts be placed out of the purview of relevant sections of the new Bill. They also stated that the Bill should make clear that, if access is gained to personal email addresses and computer systems, the use of these accounts 'shall be made only to the extent it is relevant for Income-Tax Act and not for any purpose beyond the Income-tax Act'. Others suggested that 'tangible reasons for seeking access may be recorded in writing prior to any such activity being undertaken'. The Select Committee, however, has argued that the provisions in the new Bill are necessary and therefore suggested no changes to them. 'Various incriminating evidences and material are found/seized from electronic records including WhatsApp communications, emails, etc,' it said in its report. 'In most of the cases of search operation the taxpayers do not share the password/login credential of online forums/portals/e-mail accounts, etc. 'This is because various encrypted communication modes are being used by tax payers to communicate and discuss their unaccounted transactions,' it added. 'The amendment has been rightly made to rationalise the provisions. Thus, the suggestion is not feasible.' With regard to the stakeholders' suggestion that tangible reasons for providing access be provided, the Committee said this was 'not feasible' as it 'seeks to provide safeguard in the statute to prevent abuse of power by Revenue officials as well as protect the privacy of taxpayers'. Significant simplification According to the Committee's report, the new Bill is a big step forward in simplifying India's income tax legislation. The new Bill has pared down the number of words in the law to 2,59,676 from the 5,12,535 in the Income Tax Act 1961. The number of chapters have also been reduced to 23 from 47, and the number of sections have been slashed to 536 from 819. On the other hand, to provide greater clarity, the new Bill has increased the number of tables it incorporates to 57 from 18, and the number of formulae to 46 from 6. 'The language has been simplified making the document easy to read and understand,' the Committee's report noted. 'The drafting style of the new Bill is straightforward and clear, making the provisions easier to understand.' Redundancies and need for cross-referencing between Sections and Chapters have been eliminated,' it added. 'Greater clarity has been brought in the Act without any structural or policy changes and without disturbing the long-settled taxation principles.'
News18
a day ago
- Politics
- News18
Parliament Monsoon Session Day 1 LIVE Updates: Centre Accepts Oppn's Demand To Discuss Op Sindoor
Parliament Monsoon Session 2025 Day 1 Live Updates: The Monsoon Session of Parliament is all set for a stormy commencement on Monday as the Opposition parties look to discuss the Pahalgam terror attack, demanding accountability from the government, and to bring up the ongoing Special Intensive Revision (SIR) of voter lists in Bihar ahead of the upcoming assembly polls. The government, on the other hand, looks to discuss various bills related to GST, Mines, Sports and more. The report of the Parliamentary Select Committee scrutinising the new Income Tax Bill, 2025, is also set to be tabled in the Lok Sabha on Monday, paving the way for further legislative action on a complete overhaul of India's direct tax framework. The central government held an all-party meeting on Sunday to ensure the smooth functioning of both Houses of Parliament. Parliamentary Affairs Minister Kiren Rijiju urged both the ruling and opposition sides to coordinate to ensure the same. He stated that the government is open to discussing all issues in Parliament in accordance with rules and traditions, and emphasised that the government is also open to discussing important issues, such as Operation Sindoor. The meeting was attended by 51 political parties, with a total of 54 participants.
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Business Standard
27-06-2025
- Business
- Business Standard
Income-tax Bill 2025: Digital data and the question of power and privacy
A Parliamentary Select Committee reviewing the Bill is expected to submit its report during the monsoon session premium Georgie Koithara New Delhi Listen to This Article The Income-tax Bill, 2025, introduced in the Lok Sabha on February 13, seeks to modernise India's tax code. However, buried in its text are provisions that could fundamentally shift the relationship between Indian citizens and the digital state. The Bill is under review by a 31-member Parliamentary Select Committee tasked with studying the draft and recommending changes. The committee is expected to submit its report during the Monsoon Session, which begins on July 21. Two specific sections have been in focus: Sections 247 and 249,, which grant income tax authorities unprecedented powers to access, search and seize digital data, which,
