Quick Summary
A Parliamentary Select Committee chaired by BJP MP Baijayant Panda is scheduled to meet today, i.e. 17th July, Thursday, to adopt its report on the Income Tax Bill, 2025, setting the stage for a potential overhaul of India's income tax legislation. According to the official notice sent to committee
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FAQ :
The Parliamentary Select Committee is scheduled to meet on Thursday, 17th July, to adopt its report on the Income Tax Bill, 2025.
The Income Tax Bill, 2025, is listed for consideration and passing in the Lok Sabha during the Monsoon Session, which runs from July 21 to August 21, after the Select Committee's report is presented.
The bill aims to replace the Income Tax Act of 1961, which has become complex due to over 4,000 amendments, with a new legislation that simplifies legal language, streamlines compliance, and improves the taxpayer experience.
Key features include a reduced length, simplified drafting with logical grouping of provisions, the elimination of 'previous year' and 'assessment year' in favour of a single 'tax year', and an improved reference system.
The government aims to implement the new income tax law by April 1, 2026.
The Central Board of Direct Taxes (CBDT) has begun developing an implementation roadmap and plans to train at least 50% of its workforce on the new law's provisions by March 2026.
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