Parliamentary panel Bill seeks expert suggestions on Income-Tax Bill 2025

New Delhi [India], April 18 (ANI): The Select Committee of the Lok Sabha, which is reviewing the Income-Tax Bill, 2025, on Thursday called for suggestions and views from experts, industry associations, organisations, and other stakeholders on the proposed legislation, as per an official release.
The committee, chaired by BJP Lok Sabha MP Baijayant Panda, has requested interested parties to submit their memoranda or suggestions on the proposed bill.
According to the release, suggestions should be submitted in English or Hindi, with two copies sent to the Director (CF&S CITB) at the Lok Sabha Secretariat, Room No. 133A.
The committee has also set a two-week deadline for the receipt of the suggestions.
In the July 2024 Budget, the government proposed a comprehensive review of the Income-tax Act of 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation.
Earlier on March 18, the government encouraged the stakeholders to submit their suggestions on the newly introduced Income Tax Bill 2025. The Bill is currently under examination by the Select Committee for detailed consideration.
Meanwhile, on March 25, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament.
Finance Minister Sitharaman spoke extensively about the Finance Bill in the Parliament, adding that the Finance Bill 2025 gives unprecedented tax relief to honour taxpayers.
This new Income Tax Bill, tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13 this year, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations.
Replying to the questions on Finance Bill 2025 in the Parliament, Sitharaman underscored the Union government's commitment to providing tax certainty and streamlining business regulations as part of the broader vision to build a Viksit Bharat by 2047.
"The Budget aims to do reforms to build Viksit Bharat by 2047. It aims to provide tax certainty and reforms on ease of doing business; also, we will have a new Income Tax Bill, which is currently with a special Committee. This Bill is not brought as part of the Finance Bill," Sitharaman stated.
Elaborating on tax reforms, she announced a reduction in customs tariff rates on industrial goods, cutting the number of tariff slabs from 21 to just eight. Additionally, she clarified that either cess or surcharge - not both - can be levied on an item under direct tax provisions.
"We have removed seven custom tariff rates on industrial goods, reducing the tariff from 21 to 8 per cent. We have ensured that no one item is a Cess, and a surcharge can be applied. Only one can be levied," says FM Sitharaman while speaking on direct taxes. (ANI)