New Delhi [India], July 21 : The report of the Select Committee on the new Income-Tax Bill was presented in Lok Sabha on Monday by the panel chairman Baijayant Panda.
The Select Committee examined the Income-tax Bill, 2025, which seeks to simplify language and structure of the Income Tax Act 1961.
Baijayant Panda, a BJP MP, also presented a copy of the record of evidence given before the Select Committee on the Income-Tax Bill, 2025.
The Income-Tax Bill, 2025, was tabled in Parliament in February this year by Finance Minister Nirmala Sitharaman. It was subsequently referred to a Select Committee for a detailed examination.
The the Income-Tax Bill, 2025 is on the agenda of the government for passage in the monsoon session of Parliament.
Officials said that the simplification exercise in the new Income Tax bill is guided by three core principles - textual and structural simplification, no major tax policy changes and no modifications of tax rates.
A three-pronged approach was adopted to bring about simplicity. Apart from eliminating intricate language to enhance readability, the text of the bill removes redundant and repetitive provisions for better navigation and reorganizes sections logically to facilitate ease of reference, officials said.
They said the Government ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies.
Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated in the new bill, where feasible. Consultations were held with industry experts and tax professionals and simplification models from Australia and the UK were studied for best practices.
Officials said the Income-tax Bill, 2025 reflects the Government's commitment to enhancing ease of doing business by providing a tax framework that is simple and clear.