New Income Tax bill introduced in LS; govt asks speaker to refer it to select committee of House

New Delhi, Feb 13 (PTI) Union Finance Minister Nirmala Sitharaman on Thursday introduced the Income Tax Bill, 2025, in the Lok Sabha and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

While moving the Bill for introduction, Sitharaman urged Birla to refer the draft law to a select committee of the House, which will submit its report by the first day of the next session.

She urged the speaker to take a call on the proposed panel's composition and rules.

The much-anticipated Bill will replace terminologies such as "assessment year" and "previous year" with the easier-to-understand "tax year" as part of a move to simplify language while removing provisos and explanations. PTI GJS NAB SZM SZM

Income Tax Bill, 2025 as introduced in the Lok Sabha as on 13-2-2025:
PDF File

Source: PTI