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 strategies to change the laws.
The committee, headed by senior BJP MP Baijayant Panda, is probably going 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 identical day with directions to report by the primary day of Monsoon Session.
Finance Minister Nirmala Sitharaman had introduced in the 2024 price range that the Centre will comprehensively evaluation the Income-Tax Act, 1961 in a time-bound method to make it concise and simply comprehensible. “Accordingly, the Income-Tax Bill, 2025 has been prepared which proposes to repeal and replace the Income Tax Act, 1961,” the Minister mentioned in the assertion of objects and causes of the Bill.
She added that the Income Tax Act handed in 1961 has been subjected to quite a few 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 mentioned.
The Opposition had raised apprehensions on sure provisions of the Act and had alleged that it offers for misuse of energy by authorities.
