NEW DELHI: A Parliamentary panel examining the Income Tax Bill-2025 on Wednesday made 285 suggestions on the draft legislation that seeks to modernise and simplify the country's tax laws.
The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda, adopted the report on the draft law, which will be presented to the House on Monday, the first day of the Monsoon session.
"We have made 285 suggestions to the Bill," a committee member said when asked about the report on the Income Tax Bill.
The member said the report of the Select Committee will be presented to the Lok Sabha on Monday and the bill is likely to be passed in the Monsoon session.
After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. The government aims to implement the new Income Tax law from April 1, 2026.
According to the government, the new Bill aims to simplify language, eliminate redundancy, and streamline procedures and processes to enhance the taxpayer experience.
Once enacted, the new bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962.
The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions.