Parliamentary panel suggestions on Income Tax Bill 2025 tabled in Lok Sabha
Parliamentary Select Committee
appointed to review the new
Income Tax Bill 2025
has proposed to change the definition of "beneficial owner" to allow carry forward losses as individuals who derive benefits directly or indirectly from shares during the
tax
year.
The 31-member Select Committee, chaired by BJP leader
Baijayant Panda
, has made 285 suggestions to the draft
Income tax
bill 2025 in a 4,575 page report tabled in Lok Sabha Monday.
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While most of the recommendation are aimed for greater clarity, there were 32 major recommendations including reinstating the deduction in respect of inter-corporate dividends absent in the original draft, a standard 30% deduction to be calculated post-deduction of municipal taxes and extending pre-construction interest deductions to even let-out properties.
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To ease the pain points for common taxpayers the report also recommends allowing for 'Nil' tax deduction certificates, and more discretion for officers to waive penalties when non-compliance is not deliberate and allow refunds in case of late filings of tax returns for small taxpayers. The committee has also called for more clarity on the definition of non-performing assets, intending to resolve the long-standing dispute over the definition of NPA under banking and tax laws.
The panel wants the term 'parent company' clearly defined, and asked the department to fix gaps in clauses covering capital gains and sought proper provisions for non-profit organisations, highlighting that religious-cum-charitable trusts should not lose exemptions for anonymous donations. The committee calls for eliminating any residual references to the 1961 Act to make the new code self-contained and litigation-resistant.
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"Collectively, these recommendations underscore the committee's focus on promoting taxpayer protection, enhancing fairness, and reducing compliance burdens," said Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm.
If enacted, these provisions are expected to strengthen transparency, minimize disputes, and further the government's ambition of creating a contemporary, efficient, and user-friendly tax regime."
Experts said the report will add more clarity to the new bill left out in the original draft.
"Importantly, the report addresses concerns of charitable and not-for-profit entities by advocating clearer definitions, replacing "receipts" with "income" for tax purposes, and restoring the concept of "deemed application", urges inclusion of professionals under electronic payment norms, prescribes qualifications for valuers, and recommends contextual fairness in GAAR provisions," Sandeep Jhunjhunwala, M&A Tax Partner at Nangia Andersen LLP, said.
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