Income Tax Bill 2025 unanimously adopted by Parliament’s Select Committee, to be tabled in Monsoon session

The Income Tax Bill 2025 that aims to simplify the tax law, has been unanimously adopted by the Lok Sabha’s Select Committee today, on July 16.

Chaired by BJP leader Baijayant Panda, the Parliamentary Panel had made 285 suggestions to the draft legislation.

The 3,709-pages long draft law will be presented to the lower house next week, on Monday (July 21), on the first day of the Monsoon session of Parliament, according to a PTI report.

This paves the way for passage of the bill, which was tabled at the Budget session of the Parliament earlier this year.

Income Tax Bill 2025: What we know…

• “We have made 285 suggestions to the Bill,” a committee member told PTI when asked about the report.
• They added that the Select Committee’s report will be presented to the Lok Sabha on July 21, 2025.
• The bill is expected to pass in the Monsoon session.
• After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.
• The government aims to implement the new Income Tax law from April 1, 2026.
• The new bill aims to simplify language, remove redundancy, and streamline procedures and processes to enhance the taxpayer experience, according to the government.
• Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962.
• The 1961 Act has been amended 65 times and more than 4,000 amendments have been made to its various provisions.

Monsoon Session of Parliament: What bills will centre consider?

The Parliament is expected to take up several legislations for introduction and passing in the monsoon session of Parliament starting from July 21. According to the Lok Sabha Secretariat, these include:

• The Manipur Goods and Services Tax (Amendment) Bill of 2025,
• The Taxation Laws (Amendment) Bill of 2025,
• The Jan Vishwas (Amendment of Provisions) Bill 2025,
• The Indian Institutes of Management (Amendment) bill 2025,
• The Geoheritage Sites and Geo-relics (Preservation and Maintenance) bill 2025,
• The Mines and Mines (Development and Regulation) Amendment Bill 2025, the National Sports Governance Bill 2025,
• The National Anti-Doping (Amendment) Bill 2025,
• The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024,
• The Merchant Shipping Bill, 2024,
• The Indian Ports Bill, 2025, and
• The Income Tax Bill, 2025.

Source: Livemint