Select Committee of Lok Sabha to examine Income-Tax Bill 2025 in meeting today

As part of today's proceedings, the committee will hear oral evidence from representatives of prominent legal and advisory firms, including Vaish Associates Advocates, Reina Legal, Economic Laws Practice, and Ved Jain & Associates.

Additionally, Jayant G. Pendse, a former Member of the Central Board of Direct Taxes (CBDT), and representatives from the Asia Pacific Real Assets Association Limited (APREA) will present their views on the bill.

Earlier, on April 18, the Select Committee invited suggestions and views from experts, industry associations, organisations, and other stakeholders on the proposed legislation, as per an official release.

The committee, chaired by BJP Lok Sabha MP Baijayant Panda, has requested that interested parties submit their memoranda or suggestions on the proposed bill.

In the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid, thereby reducing disputes and litigation.

Earlier on March 18, the government encouraged the stakeholders to submit their suggestions on the newly introduced Income Tax Bill 2025. The Bill is currently under examination by the Select Committee for detailed consideration.

Meanwhile, on March 25, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament.

Finance Minister Sitharaman spoke extensively about the Finance Bill in Parliament, adding that the Finance Bill 2025 gives unprecedented tax relief to honour taxpayers.

This new Income Tax Bill, tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13 this year, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations. (ANI)