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Aug 11, 2025
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Revised New Income Tax Bill, 2025: Here are 10 major changes likely in Bill to be tabled today
Union Finance Minister Nirmala Sitharaman formally withdrew the old draft of the Income Tax Bill, 2025 from the Lok Sabha last week. The updated version of the bill will be presented today.
The Select Committee of the Lok Sabha made around 285 recommendations and submitted a detailed 4,500-page report to Parliament last month, proposing reforms to the bill. The original bill was introduced in February during the Budget session of Parliament.
The original bill introduced then was immediately sent to the Select Committee so that a thorough review could be done on this new law replacing the old Income Tax Act, 1961.
The Select Committee suggested improvements on many technical, procedural and practical aspects related to taxpayers. Now it has to be seen how many of their suggestions are incorporated in the revised bill.
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