Lok Sabha's Select Committee to Review Overhaul of Income-Tax Legislation

The Lok Sabha's Select Committee, led by BJP's Baijayant Panda, will review the Income-Tax Bill 2025 on March 6-7. The bill introduces simplified tax laws, updates terms to match today's digital economy, and clarifies income and exemption rules. Key changes affect individuals, businesses, and non-profit entities.

The Select Committee of the Lok Sabha, chaired by BJP MP Baijayant Panda, is set to review the proposed Income-Tax Bill 2025 on March 6 and 7. On the first day, the committee will summon representatives from the Institute of Chartered Accountants of India (ICAI) and Ernst and Young (EY) to collect oral evidence.

The following day, opinions from the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) will be sought. Speaker Om Birla has formed this 31-member Select Committee to scrutinize the new bill aimed at simplifying tax laws and modernizing terminologies for better clarity.

The new legislation, introduced by Finance Minister Nirmala Sitharaman in Lok Sabha on February 13, intends to replace the Income Tax Act of 1961. It seeks to streamline tax language, redefine 'tax year,' and acknowledge digital assets, addressing the needs of today's economy and taxpayers of various categories.

(With inputs from agencies.)