The government will table a fresh version of the much-anticipated Income Tax Bill, 2025 in the Lok Sabha on Monday, August 11, replacing the one introduced on February 13 this year. The move follows the formal withdrawal of the earlier draft by Finance Minister Nirmala Sitharaman on Friday.
According to officials, the decision to withdraw the February version aims to eliminate confusion caused by multiple drafts and to present lawmakers with a single, consolidated Bill incorporating all proposed changes. The updated draft will integrate most recommendations of the Select Committee, chaired by BJP MP Baijayant Panda, which recently submitted its report.
"To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday," sources said.
The revised legislation seeks to replace the six-decade-old Income-Tax Act, 1961, marking a significant overhaul of India's direct tax framework. The updated draft is expected to align with the government's long-term vision of simplifying tax laws, improving compliance, and promoting transparency.
Lok Sabha adjourned amid protests
Friday's Lok Sabha proceedings were marked by protests from opposition parties demanding a discussion on the revision of electoral rolls in Bihar. As the House reassembled at 3 PM, FM Sitharaman moved for leave to withdraw the earlier Bill before proceedings were adjourned for the day.
Parliamentary Affairs Minister Kiren Rijiju criticised the disruptions, calling them a waste of valuable time meant for private member bills and reiterated that the government remains open to discussions on all issues under parliamentary rules.
With the fresh Income Tax Bill set for introduction on August 11, attention will now turn to how Parliament debates its proposed reforms and structural changes in India's direct taxation system.
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