Income Tax Bill 2025 unanimously adopted by Parliament’s Select Committee, to be tabled in Monsoon session.

Income Tax Bill 2025 unanimously adopted by Parliament’s Select Committee, to be tabled in Monsoon session.

The Income Tax Bill, 2025, which aims to replace the Income Tax Act of 1961, has been unanimously adopted by the Parliament’s Select Committee after proposing 285 amendments. The committee, chaired by senior BJP MP Baijayant Panda, submitted its report to the Lok Sabha on Monday, July 21, 2025, the first day of the Monsoon Session.

The Bill aims to modernize India’s direct tax framework by replacing the complex 1961 Act with a focus on simplification and clarity to reduce compliance costs. While retaining most of the current law’s provisions, including those for faceless assessment, the Bill incorporates key amendments and recommendations.

1. The Income Tax Bill 2025 that aims to simplify the tax law, has been unanimously adopted by the Lok Sabha’s Select Committee, on July 16.

2. Chaired by BJP leader Baijayant Panda, the Parliamentary Panel had made 285 suggestions to the draft legislation.

3. The 3,709-pages long draft law will be presented to the lower house next week, on Monday (July 21), on the first day of the Monsoon session of Parliament, according to a PTI report.

4. This paves the way for passage of the bill, which was tabled at the Budget session of the Parliament earlier this year.

5. Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962.

6. The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions.

Sudheendra Kumar ( Mobile /WhatsApp: 91-9820088394)

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