Quick Summary
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 propose
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FAQ :
A fresh version of the Income Tax Bill 2025 will be tabled in the Lok Sabha on Monday, August 11.
The previous draft was withdrawn to eliminate confusion caused by multiple versions and to present a single, consolidated Bill with all proposed changes incorporated.
The revised legislation seeks to replace the six-decade-old Income-Tax Act, 1961, and aims to simplify tax laws, improve compliance, and promote transparency.
The updated draft integrates most recommendations from the Select Committee, chaired by BJP MP Baijayant Panda.
The earlier Income Tax Bill was formally withdrawn by the Finance Minister, and the Lok Sabha was adjourned for the day amid protests.
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