New Income Tax Bill 2025: The new bill incorporates the changes suggested by the Selection Committee of the Lok Sabha. This new updated bill will be a completely new and final version.
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New Income Tax Bill 2025: Union Finance Minister Nirmala Sitharaman will introduce the revised Income Tax Bill in the Lok Sabha today. It will replace the original draft introduced on February 13, 2025. This bill was introduced to remove the old Income Tax Act running since 1961.
The government had said that the bill would be withdrawn and some improvements would be made in it so that the new law is easy for everyone to understand. The new bill incorporates the changes suggested by the Selection Committee of the Lok Sabha. This new updated bill will be a completely new and final version. With this, now people will not have any confusion between the old and the new bill.
The first bill was not ignored: Kiren Rijiju
The Finance Minister had said that some technical corrections have been made in the new bill. Drafting has been improved, easier words have been chosen and better cross-referencing has been included. A major reason for this change is the feedback received from the Parliament’s selection committee headed by BJP MP Baijayant Panda.
On the other hand, on Friday, amid criticism of the withdrawal of the new Income Tax Bill from the Lok Sabha, a statement by Union Parliamentary Minister Kiren Rijiju came to the fore. A lot of concerns were raised over the withdrawal of the bill, especially on social media. Giving clarification on this, the minister said, it is believed that a completely new bill will be brought, ignoring the earlier bill, on which a lot of work was done. That is, all the work done and all the time spent has gone to waste.
Hard work has not gone waste: Rijiju
He further said, “This is a common practice. When the selection committee presents its report, many improvements are made in it and the government accepts them. The first bill is withdrawn and a new bill is presented with the changes so that it becomes easier for the Parliament to consider the bill and also easier to pass it. He said that the hard work done in the last six months will not go waste, rather the new bill will reflect everyone’s hard work and suggestions.”
Some important recommendations of the selection committee
- Allow taxpayers to claim refund without any penalty after filing late ITR.
- Ordering tax officials to issue notices and consider the responses before taking action.
- Trusts working for both religious and charitable purposes should be given full tax exemption on anonymous donations.
- Apart from this, a modern, digital first and faceless assessment system has also been proposed in the new bill so that compliance of tax related rules becomes easy and corruption is curbed.
