Parl panel approves I-T Bill report
The new Income Tax Bill aims to replace the 1961 I-T laws in order to make the legal framework simpler. The bill retains most of the provisions of the current law while it allows the Central government to frame new schemes for greater efficiency, transparency, and accountability.
One of the major features of the Bill, according to experts, is to widen the ambit of undisclosed income to include virtual digital assets such as cryptocurrency. According to PRS Legislative Research, 'The Act also empowers the authorities to inspect electronic documents. The Bill retains these provisions and also allows authorities to gain access to a virtual digital space during search and seizure proceedings. The authorities will have power to gain access by overriding any required access code.'
The Select Committee produced a report that had seven volumes and ran into 3,790 pages—one of the most voluminous reports by a House panel in the recent past. Members of the panel have been given time till Thursday morning to submit further suggestions for the government. A senior MP told HT, 'In every meeting of the panel all MPs were on the same page and focused on benefits for taxpayers. It was a rare sight.'
The government has listed the IT Bill 2025 for passage in the monsoon session that starts on July 21. The new IT Bill is in sync with the government's larger plan to replace archaic laws with new legislations. Earlier, the Colonial-era Indian Penal Code was replaced by a new Bharatiya Nyaya Sanhita (BNS) and old labour laws were changed into four labour codes (yet to be implemented).
'Chaired today's meeting of the Select Committee of Lok Sabha to examine the Income-Tax Bill 2025. The Committee met for consideration and adoption of the Draft Report on the Bill, along with the proposed amendments,' tweeted the select committee chairman Baijayant Panda.
The Select Committee held 35 meetings to examine the proposed Bill. During the course of the discussions, two suggestions came from industry bodies and tax authorities: to reduce Tax Deducted at Source (TDS) provisions and in some cases, the faceless assessment process should not be implemented.
The panel overlooked both provisions. 'Such policy decisions can come only during the Budgets or in the Finance Bill,' said a senior functionary.
Chartered Accountant Sunil Bhansali, managing partner in Oswal Sunil & Co. told HT that the new bill is 'in favour of Assessee. Technical things have been changed and the bill brings clarity in the IT laws, making it more user-friendly.'
Defending the faceless verification of ITR, Bhansali said, 'It is very important as it reduces possibilities of malpractices of IT officials. It is a brainchild of the NDA government. But it is true that assessment officers often grapple with the large amount of papers, especially when they assess large business Houses.'
Bhansali also said that TDS rates vary from 1% to 10% and the government should maintain uniformity in TDS rules.
The new bill, introduced in the Lok Sabha on February 13, is aligned with the digital governance policy, could repeal redundant provisions of existing act and introduce new features such as provisions for low tax rates for cooperatives, tax on crypto-assets, incentives for startups, clarity on non-resident taxation, definition of capital gains, and introducing 'tax year' to replace confusing terms like assessment year.
Although the proposed bill does not make any new announcements in terms of tax exemptions or compliances, it has specific mentions of all major issues and the taxpayer's class. The proposed law also provides clarity on anti-tax avoidance measures, transfer pricing regulations. It aims to provide ease of living for citizens and ease of compliance for businesses with incentives for entrepreneurship, innovation and digital transactions, people aware of the development said.
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