The Parliamentary panel reviewing the Income Tax Bill-2025 made 285 suggestions on the draft legislation on Wednesday. The bill seeks to modernise and simplify India's tax laws. The draft legislation will be presented to the House on Monday, the first day of the Monsoon session.
Being headed by Bharatiya Janata Party (BJP) leader Baijayant Panda, the Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, adopted the report on the draft law.
"We have made 285 suggestions to the Bill," a committee member said.
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After the submission of the report by the Committee, the government will consider recommendations and, if required, will then take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. The government aims to implement the new Income Tax law from 1 April 2026.
The government claims that the proposed Bill aims to enhance the overall taxpayer experience by streamlining processes, eliminating redundancies, and simplifying the language.
The Income Tax Act of 1961, which has been in force since 1 April 1962, will be superseded by the new law once it is passed. More than 4,000 changes have been made to the 1961 Act's various provisions as a result of 65 amendments over the years.
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