New Delhi [India], May 2 (ANI): The Select Committee of the Lok Sabha is set to convene a pivotal meeting today at the Parliament House Annexe (PHA) to scrutinize the proposed Income-Tax Bill 2025 — a comprehensive overhaul aimed at replacing the Income-tax Act of 1961.
During the session, the committee will hear oral testimonies from representatives of leading legal and advisory firms, including Vaish Associates Advocates, Reina Legal, Economic Laws Practice, and Ved Jain & Associates. Additionally, Jayant G. Pendse, a former member of the Central Board of Direct Taxes (CBDT), along with representatives from the Asia Pacific Real Assets Association Limited (APREA), will present their perspectives on the proposed legislation.
On April 18, the committee extended an invitation to industry experts, organizations, and other stakeholders to submit their views and recommendations. The aim is to ensure that the bill incorporates broad-based input and reflects a balanced perspective on taxation reforms.
Chaired by BJP Lok Sabha MP Baijayant Panda, the committee is tasked with examining the bill in detail and preparing it for broader legislative consideration. Interested parties were previously encouraged to send memoranda outlining their concerns or suggestions regarding the bill’s provisions.
The Income-Tax Bill 2025 was first introduced in the Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13. It represents a sweeping effort by the government to simplify and modernize India’s tax regime. The July 2024 Budget laid the foundation for this overhaul, with a focus on reducing litigation and making tax laws more accessible and transparent for taxpayers.
Speaking on the Finance Bill in March, Minister Sitharaman emphasized that the new Income Tax Bill aims to provide “unprecedented tax relief” to honest taxpayers while supporting the ease of doing business and compliance.
The bill is expected to be taken up for detailed discussion in the upcoming monsoon session of Parliament, where it could potentially reshape tax obligations for individuals, businesses, and nonprofit organizations across the country.
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