Parliamentary panel clears Income Tax Bill 2025 with 285 ideas, 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 ideas to alter the laws.

The committee, headed by senior BJP MP Baijayant Panda, is prone to submit the report within 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 within the 2024 funds that the Centre will comprehensively assessment 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 ready which proposes to repeal and substitute the Income Tax Act, 1961,” the Minister stated within 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 results of these adjustments, the essential construction of the Income Tax Act has been overburdened and the language has develop into advanced, growing value of compliance for taxpayers and hampering effectivity of direct tax administration. Tax directors, practitioners and taxpayers have additionally raised issues concerning the difficult provisions and construction of the Act,” she stated.

The Opposition had raised apprehensions on sure provisions of the Act and had alleged that it supplies for misuse of energy by authorities.