Finance Minister Nirmala Sitharaman on Monday tabled the revised Income-Tax Bill, 2025 in the Lok Sabha, incorporating almost all recommendations of the Select Committee. The bill seeks to replace the Income Tax Act, 1961, with updated provisions and drafting corrections for greater legal clarity and alignment.
Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha. Pic/PTI
Finance Minister Nirmala Sitharaman on Monday introduced the modified Income Tax bill in the Lok Sabha after including "almost all of the recommendations of the Select Committee."
Introducing The Income-Tax (No.2) Bill, 2025, Sitharaman said the bill seeks to consolidate and amend the law relating to income-tax and will replace the Income Tax Act, 1961.
"Almost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," said the statement of objects and reasons of the bill.
The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income-tax Bill, 2025, which was introduced in the Lok Sabha on February 13.
"There are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw the Income-tax Bill, 2025 as reported by the Select Committee. Consequently, Income-tax (No. 2) Bill, 2025 has been prepared to replace the Income-tax Act, 1961," the statement said.
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