The New Income Tax Bill was introduced in the Lok Sabha by Union Finance Minister Nirmala Sitharaman on Feb 13. The bill will replace the Income Tax Act of 1961.
BJP MP Baijayant Jay Panda-led Select Committee of the Lok Sabha will examine the Income Tax Bill 2025 on March 6 and 7. The Select Committee consists of 31 Lok Sabha MPs and was constituted by the Speaker of the Lower House after the bill was tabled.
What is the committee scheduled to do?
As per the information, the select committee will summon the Institute of Chartered Accountants of India (ICAI) and Ernst and Young (E&Y) on March 6. The committee will record oral evidence of representatives of ICAI and EY.
On the next day, March 7, the views of industry bodies Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) will be heard on the new bill.
Notably, the 31-member Select Committee of Lok Sabha MPs was constituted by Speaker Om Birla to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.
Bill tabled by Sitharaman in Lok Sabha
Bharatiya Janta Party National Vice President and Lok Sabha MP Baijayant Panda is appointed the chairperson of the Select Committee. The Bill was tabled in the Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13. It seeks to replace the existing Income Tax Act of 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations.
After presenting the income tax bill, Sitharaman asked Speaker Birla to nominate members for a standing committee to review the newly tabled income tax bill. One of the most significant changes in the new IT Bill is the introduction of simplified language and modern terminology. It replaces outdated terms and brings in new ones to align with today’s economy.
For example, it introduces the term “tax year” instead of existing terms like financial year and assessment year systems. It also defines “virtual digital asset” and “electronic mode”, reflecting the growing importance of digital transactions and cryptocurrency in today’s financial landscape.
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