Lok Sabha's 31-Member Committee to Revise Income Tax Bill

Speaker Om Birla forms a 31-member Select Committee to examine the new Income Tax Bill. The panel, led by BJP's Baijayant Panda, is set to submit its findings by the next session's start. The bill intends to simplify tax terms and procedures.

The Speaker of the Lok Sabha, Om Birla, has established a 31-member Select Committee to evaluate the new Income Tax Bill. The committee, chaired by BJP's Baijayant Panda, is tasked with delivering a report by the beginning of the next parliamentary session.

This decision follows Finance Minister Nirmala Sitharaman's introduction of the bill in the Lok Sabha, after which she encouraged Birla to dispatch the draft legislation to a House committee for detailed review.

The proposed legislation aims to replace complicated tax terminologies like 'assessment year' and 'previous year' with more straightforward terms such as 'tax year,' thereby streamlining the language used.