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The Select Committee of the Lok Sabha, chaired by Bharatiya Janata Party (BJP) Vice President and Lok Sabha MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7, 2025. This key legislative review aims to simplify tax laws, modernize tax definitions, and provide greater clarity on various tax-related provisions. On March 6, the Committee will hear oral evidence from representatives of the Institute of Chartered Accountants of India (ICAI) and Ernst Young (EY). The followin
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FAQ :
The Select Committee will review the Income Tax Bill 2025 on March 6 and 7, 2025.
The committee is chaired by Bharatiya Janata Party (BJP) Vice President and Lok Sabha MP Baijayant Panda.
The bill aims to simplify tax laws, modernise tax definitions, and provide greater clarity on various tax-related provisions, replacing the Income Tax Act of 1961.
On March 6, the Institute of Chartered Accountants of India (ICAI) and Ernst & Young (EY) will present. On March 7, representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) will provide insights.
The bill incorporates definitions for 'virtual digital asset' and 'electronic mode' to accommodate digital transactions and cryptocurrencies, and explicitly includes virtual digital assets under capital gains tax provisions.
The bill introduces a clearer compliance structure for non-profits, defining taxable income, compliance requirements, and restrictions on commercial activities.
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