&w=3840&q=100)
Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha.
The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action.
The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation.
The new bill, introduced in the Lok Sabha, has a word count of 260,000, lower than 512,000 in the I-T Act. The number of sections is 536, as against 819 effective sections in the existing law.
The number of chapters has also been halved to 23 from 47, according to the FAQs (frequently asked questions) issued by the I-T department.
The Income Tax Bill 2025 has 57 tables, compared to 18 in the existing Act and removed 1,200 provisos and 900 explanations.
Provisions relating to exemptions and TDS/TCS have been made crispier in the Bill by putting them in a tabular format, while the chapter for not-for-profit organisations has been made comprehensive with use of plain language. As a result of this, the word count has come down by 34,547.
In a taxpayer-friendly move, the Bill replaces the term 'previous year' as mentioned in the Income Tax Act, 1961 with 'tax year'. Also, the concept of assessment year has been done away with.
Currently, for income earned in the previous year (say 2023-24), tax is paid in assessment year (say 2024-25). This previous year and assessment year (AY) concept has been removed and only tax year under the simplified bill has been brought in.
While introducing the Bill in the Lok Sabha, Sitharaman had said that "substantial changes" have been made in the Bill. The number of words have been halved from 5.12 lakh, and sections reduced from 819 to 236. Following introduction, the Bill was referred to the select committee of the Lok Sabha and the committee was mandated to submit its report by the first day of next session.
The Monsoon session of Parliament is scheduled to sit from July 21 to August 21, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
42 minutes ago
- India Today
Udaipur Files producer Amit Jani given Y-category security amid threats
In the wake of the ongoing controversy and threats around 'Udaipur Files', a film based on Udaipur tailor Kanhaiya Lal's murder, the producer of the movie, Amit Jani, has been provided Y-category security, an official statement said on movie is based on Kanhaiya Lal, a tailor from Udaipur who was murdered by Mohammad Riyaz and Mohammad Ghous for allegedly sharing a post supporting former BJP spokesperson Nupur Sharma's controversial on-air remarks on Prophet Muhammad in per the Y-category security protocol, Jani will be accompanied by a total of 11 personnel of the Central Reserve Police Force (CRPF). The security cover will be provided to Jani for movement within Uttar Pradesh and Delhi. This came days after the Supreme Court allowed the producer, director and the son of Kanhaiya Lal to approach the police and seek protection as they alleged threat to their top court noted that if the threats are found to be serious in nature, concerned authorities must take steps to ensure their safety.'Udaipur Files: Kanhaiya Lal Tailor Murder' got the go-ahead for a release in theatres on August 8, 2025 after a Supreme Court ruling directed the Delhi High Court to address challenges against the government's approval of the film's court directed those objecting to it to approach the Delhi High Court to challenge the Centre's revisional order, which had allowed the movie to be screened with six Bharat Shrinate announced the new release date after the Supreme Court's decision, signalling the end of the legal journey for the film's Ministry of Information and Broadcasting directed the makers of Udaipur Files to implement six specific changes before its release, in line with the recommendations of a screening slated for release on July 11, 2025, 'Udaipur Files' faced many delays due to censorship and legal troubles. The film, featuring Vijay Raaz as Kanhaiya Lal, is produced by Amit Jani and has generated considerable interest among audiences and critics tailor Kanhaiya Lal was murdered in June 2022 allegedly by Mohammad Riyaz and Mohammad assailants later released a video claiming that the murder was in reaction to the tailor allegedly sharing a social media post in support of former BJP member Nupur Sharma following her controversial comments on Prophet case was probed by the National Investigation Agency (NIA) and the accused were booked under the stringent Unlawful Activities Prevention Act, besides provisions under trial is pending before the special NIA court in Jaipur.- EndsMust Watch
Indian Express
an hour ago
- Indian Express
Roshanara Club with revamped sport facilities, wellness and banquet areas, opens its doors after almost 2 years
After being closed for renovation for nearly two years, the century-old Roshanara Club reopened its doors to the residents of the Capital on Sunday. Renovated and restored by the Delhi Development Authority (DDA), the heritage club now boasts of revamped sport facilities as well as modern wellness and banquet areas, among others. The club, spread across 22 acres, was taken over by the DDA for renovation on September 29, 2023. This was after L-G V K Saxena – in his maiden visit to the club on January 12, 2023 – noticed that the 'majestic structure was lying in a dilapidated state with poor maintenance with a crumbling facade', the DDA said in a statement. Saxena, who unveiled the revamped club, said, 'It is a big moment for us, as this heritage club has been restored and relaunched. I congratulate the people of Delhi on this occasion. Delhi is a city of heritage and in the last three years, a number of heritage (sites) have been restored and we are committed towards (restoring) more in the future.' The club was established on August 15, 1922 as an elite recreational and social retreat for the Britishers residing in the area around present-day Delhi University and Civil Lines. It was named after Begum Roshanara, the daughter of Mughal Emperor Shah Jahan, who was buried in the neighbouring Roshanara Bagh. The club is considered the birthplace of the Board of Control for Cricket in India, which was formed in 1928 when Indian cricket administrators gathered at Roshanara Club. 'Particular attention was given to the preservation of the club's architectural legacy. The century-old façade, including the European-style doors and windows, Mangalore-tiled roof, and intricate wooden trusses, have all been carefully restored. Antique chandeliers and original furnishings were refurbished and reupholstered to revive their classic charm,' the DDA said in its statement. It added that indoor facilities at the club now include a main lounge, card and billiards rooms, banquet area, bar and dining hall, library, gym, squash and badminton courts, a swimming pool, and a wellness area with yoga, sauna, and steam rooms. Outdoor amenities include clay, grass, and synthetic tennis courts, cricket grounds, a mini football zone, basketball area, and a jogging track. The DDA said civil works involved anti-termite treatment, waterproofing, marble polishing, wooden flooring repairs, and renovations to sanitary facilities. Important upgrades were made to the squash and badminton courts, swimming pool, and various places in the club house building. While electrical systems were overhauled, AC cooling was enhanced by providing requisite units, ducting and wiring were concealed, and damaged fittings, switches and light fixtures were replaced. Chandni Chowk BJP MP Praveen Khandelwal, Model Town BJP MLA Ashok Goel, DDA Vice Chairman N Saravana Kumar, and senior officials also attended the launch. Devansh Mittal is a trainee correspondent with The Indian Express. He studied political science at Ashoka University. He can be reached at ... Read More
New Indian Express
an hour ago
- New Indian Express
Attack during Modi's ‘Mann Ki Baat' programme in Tripura leaves seven BJP workers injured
GUWAHATI: Prime Minister Narendra Modi's 'Mann Ki Baat' programme at a Tripura village turned violent on Sunday, when an alleged group of Tipra Motha Party (TMP) 'goons' attacked BJP workers, leaving at least seven of them injured. TMP denied its involvement. TMP and BJP are allies and constituents of the state government. The incident occurred at the Taksapara village falling under the Asharambari Assembly constituency in Khowai district. Around 30 BJP workers had assembled at the place to listen to Modi. The injured were admitted to the Khowai district hospital. The condition of two was reportedly critical. About 15 bikes and two cars were also damaged by the attackers. Authorities deployed a large number of security personnel to the place after the incident. No arrest was made when reports last came in.
