Par panel report on new Income Tax Bill, 2025 to be tabled in Lok Sabha on Monday
New Delhi (PTI): A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha on Monday.
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha.
The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action.
The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation.
The new bill, introduced in the Lok Sabha, has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective sections in the existing law.
The number of chapters has also been halved to 23 from 47, according to the FAQs (frequently asked questions) issued by the I-T department.
The Income Tax Bill 2025 has 57 tables, compared to 18 in the existing Act and removed 1,200 provisos and 900 explanations.
Provisions relating to exemptions and TDS/TCS have been made crispier in the Bill by putting them in a tabular format, while the chapter for not-for-profit organisations has been made comprehensive with use of plain language. As a result of this, the word count has come down by 34,547.
In a taxpayer-friendly move, the Bill replaces the term 'previous year' as mentioned in the Income Tax Act, 1961 with 'tax year'. Also, the concept of assessment year has been done away with.
Currently, for income earned in the previous year (say 2023-24), tax is paid in assessment year (say 2024-25). This previous year and assessment year (AY) concept has been removed and only tax year under the simplified bill has been brought in.
While introducing the Bill in the Lok Sabha, Sitharaman had said that "substantial changes" have been made in the Bill. The number of words have been halved from 5.12 lakh, and sections reduced from 819 to 236. Following introduction, the Bill was referred to the select committee of the Lok Sabha and the committee was mandated to submit its report by the first day of next session.
The Monsoon session of Parliament is scheduled to sit from July 21 to August 21, 2025.
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West Bengal exit polls: People’s Pulse projects TMC lead, others predict BJP surge
Kolkata: Exit polls for the West Bengal Assembly Election 2026 have shown different projections, with some surveys indicating a lead for the All India Trinamool Congress (TMC), while others suggest an advantage for the Bharatiya Janata Party (BJP).
According to People’s Pulse, the TMC+ alliance is projected to win between 177 and 187 seats in the 294-member Assembly.
The BJP is estimated to secure between 95 and 110 seats, while the Left Front+ is predicted to win up to one seat. The Congress (INC) is likely to get between one and three seats, and others are projected to win between one and two seats.
Matrize projections indicate a different trend, with the BJP projected to win between 146 and 161 seats, crossing the majority mark of 148, with a vote share of 42.5 per cent. The TMC is estimated to win between 125 and 140 seats with a vote share of 40.8 per cent.
P-MARQ has also projected a BJP lead, estimating the party to win between 150 and 175 seats, while the TMC+ alliance is expected to secure between 118 and 138 seats. The same survey projects Congress to win between 2 and 6 seats.
Poll Diary estimates suggest the BJP may win between 142 and 171 seats, while the TMC could secure between 99 and 127 seats. Other parties are projected to win between 5 and 9 seats.
Chanakya Strategies has projected the BJP to win between 150 and 160 seats, while the TMC is estimated to get between 130 and 140 seats. Others are expected to secure between 6 and 10 seats, while Congress and Left are projected at zero.
ABP projections estimate the BJP to win between 146 and 161 seats, while the TMC is expected to secure between 125 and 140 seats. Others are projected to win between 6 and 10 seats.
Polls in the state were held in two phases on April 23 and 29, and the counting of votes is scheduled to take place on May 4.
