Quick Summary
The Lok Sabha's Select Committee has completed an exhaustive review of the proposed Income Tax Bill 2025, recommending more than 330 taxpayer-friendly changes to improve clarity and ease of compliance. The Committee, chaired by senior MP Baijayant Panda, devoted nearly 25,000 human hours to the exercise, building upon the 60,000 hours already spent by the Income Tax Department in drafting the new legislation. Unlike traditional approaches focused on brevity, the Committee's objective was clarit
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FAQ :
The Lok Sabha's Select Committee has recommended over 330 taxpayer-friendly changes to the proposed Income Tax Bill 2025.
The primary goal of the recommended changes is to improve clarity and ease of compliance for taxpayers, rather than making policy changes.
Yes, the new Income Tax Bill 2025 slashes the word count of the existing Act by 50%, from nearly 500,000 words to 250,000.
Key suggestions include clearer provisions on inter-corporate dividend deductions, refined rules for carrying forward business losses, more transparency on anonymous donations, and simplified return filing processes for refund claims.
No, the panel stuck to its mandate of simplification and clarity. Suggestions for tax rate changes or structural reforms were outside the scope and are expected to be addressed through the annual Finance Bill.
The committee believes the simplified framework could encourage more people to enter the formal tax system by reducing complex compliance procedures, thereby widening the tax net.
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