he Select Committee of Lok Sabha is scheduled to hold a crucial meeting today at the Parliament House Annexe (PHA) to examine the Income-Tax Bill 2025.
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.
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament.
Regarding the Income Tax Bill 2025, which was introduced in Parliament and is currently under examination by the Select Committee for detailed consideration, stakeholders are encouraged to continue submitting their suggestions on its provisions.
A meeting of the Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, to examine the Income-Tax Bill 2025 is underway at the Parliament House Annexe in the national capital on Wednesday.
In the July 2024 Budget, the government had proposed a comprehensive review of the Income-tax Act, 1961. The purpose was to make the Act concise and lucid and reduce disputes and litigation.
In Union Budget for 2025-26 income tax exemption limit has been extended from Rs 7 lakh to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
In today's meeting, the Committee has summoned the Institute of Chartered Accountants of India (ICAI) and Ernst & Young (E&Y). The committee will soon record the oral evidence of representatives of ICAI and EY.
The Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7.
The Select Committee of the Lok Sabha under the chairmanship of BJP Vice President Baijayant Panda will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.