Revised Income Tax Bill to be Introduced

The Indian government is set to introduce a fresh version of the Income Tax bill on Monday, incorporating recommendations from the Select Committee of Parliament. This move comes after the cabinet approved the new bill on Friday, with Finance Minister Nirmala Sitharaman withdrawing the earlier version introduced in February.

Why the Delay?

The revised bill was ready for introduction on Friday but was delayed due to parliamentary disruptions. "To avoid confusion and ensure clarity, the updated version will be presented on Monday," sources explained.

Key Improvements

The Select Committee, led by BJP's Baijayant Panda, reviewed the IT Bill 2025 last month, suggesting 285 recommendations to simplify and modernize tax laws. This bill aims to replace the outdated Income Tax Act of 1961, making tax laws more accessible to the public.

Simplifying Tax Laws

CBDT Chairman Ravi Agrawal highlighted that the new provisions would make the law easier for taxpayers to understand, reducing reliance on professionals. "The use of formulae, tables, and consolidated provisions will facilitate easier compliance," Agrawal noted.