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Notably, no opposition MP has raised any objections to the bill
The parliamentary committee, chaired by BJP leader Baijayant Panda, has made a total of 285 recommendations to the draft legislation. Pic/News18
The central government is set to introduce and seek to pass the Income Tax Bill, 2025, during the upcoming monsoon session of Parliament. The 31-member Select Committee of the Lok Sabha unanimously adopted the draft legislation on Wednesday, clearing the way for its passage.
Notably, no opposition MP has raised any objections to the bill. The parliamentary committee, chaired by BJP leader Baijayant Panda, has made a total of 285 recommendations to the draft legislation. Out of these, 250 have already been accepted by the panel and will be part of the draft report and recommendations for amending the legislation. Most of the amendments request changes or alternatives for certain terminology used.
According to sources, the 3,790-page draft legislation is likely to be tabled in the Lok Sabha on Monday, July 21, the first day of the monsoon session. This is being prepared in seven volumes.
Following the submission of the committee’s report, the government will review the recommendations and table the revised bill in the Lok Sabha for discussion and passage. The government aims to implement the new income tax law from April 1, 2026.
The objective of the new bill is to simplify the language of the Income Tax Act, eliminate redundancies, and streamline procedures to make the law more understandable and taxpayer-friendly.
Once enacted, the new law will replace the Income Tax Act, 1961, which has been in effect since April 1, 1962.
Over the years, the 1961 Act has undergone 65 amendments and more than 4,000 changes across its various sections.
The Income Tax Bill, 2025, was referred for parliamentary scrutiny in the last budget session of Parliament. The committee has held 35 meetings so far.
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