The Select Committee of the Lok Sabha on the proposed Income-Tax Bill, 2025 convened a crucial meeting today at Parliament House, New Delhi. Chaired by BJP Member of Parliament Baijayant Panda, the 31-member panel is actively reviewing the draft legislation aimed at overhauling and streamlining India's income tax laws.
The Income Tax Bill, 2025, which seeks to consolidate and amend existing tax provisions, was initially introduced in the Lower House during the first half of the Budget Session. Given the significance of the legislation, the Bill was referred to the Select Committee for detailed scrutiny and stakeholder consultation.
The Committee is expected to submit its report on the first day of the Monsoon Session of Parliament, providing critical recommendations on the future course of direct taxation in the country.
Sources indicate that the panel is examining various provisions in the draft law, including tax slab rationalization, digital compliance mechanisms, and simplification of filing procedures. The move comes as part of the government's broader objective to modernise and make the income tax framework more transparent, equitable, and taxpayer-friendly.
Experts believe that the revamped Income-Tax Bill could play a pivotal role in enhancing voluntary compliance, widening the tax base, and boosting revenue collection.
With the Monsoon Session set to begin in a few months, all eyes are now on the Committee's report, which could potentially shape India's next-generation tax reform.
CAclubindia
