Union finance minister Nirmala Sitharaman is set to introduce a revised Income-Tax Bill, 2025 in the Lok Sabha on Monday, incorporating key recommendations from the Select Committee chaired by Baijayant Panda
Union finance minister Nirmala Sitharaman (Image:DC)
New Delhi: Union finance minister Nirmala Sitharaman is set to introduce a revised Income-Tax Bill, 2025 in the Lok Sabha on Monday, incorporating key recommendations from the Select Committee chaired by Baijayant Panda. She has withdrawn the original I-T Bill, 2025, introduced just months ago during the budget session, to avoid confusion and present a consolidated version with all amendments integrated, a government source said on Friday.
In a statement, the finance minister confirmed that the new Bill will replace the Income-Tax Act, 1961. “A fresh version of the I-T Bill will be introduced in the Lok Sabha on August 11 to provide a clear, updated draft incorporating all committee-recommended changes,” the source explained.
The 31-member Select Committee reviewed the Bill, first tabled on February 13, and proposed several modifications. Notably, the committee recommended retaining tax exemption for anonymous donations to religious and charitable trusts and allowing taxpayers to claim TDS refunds after the ITR filing deadline without incurring penalties.
( Source : Asian Age )
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