US EditionRevised Income Tax Bill 2025: What Does New I-T Bill Propose & Why Was the Old Bill Withdrawn? All You Need to Know
INDIA, AUG 11 – The revised bill halves the law's size to 260,000 words, simplifies tax rules for small businesses and taxpayers, and incorporates 566 Select Committee recommendations for fairness and clarity.
- On Friday, Union Finance Minister Nirmala Sitharaman pulled back the Income Tax Bill, 2025, from the Lok Sabha, announcing that a revised draft incorporating Select Committee recommendations will be presented on August 11.
- The withdrawal came after a Parliamentary Select Committee conducted a thorough review of the proposed legislation aimed at updating the Income Tax Act that has been in place for over sixty years, and submitted a report containing 285 recommendations.
- The original bill aimed to simplify language, rationalise exemptions, address loopholes, and provide frameworks for taxing digital assets while retaining the existing tax structure.
- Key changes in the revised bill include removing the refund denial for late ITR filing, clarifying inter-corporate dividend deductions, and exempting anonymous donations to purely religious trusts, which Sitharaman called constructive and necessary.
- The withdrawal paves the way for a clearer, updated Income Tax Bill expected to incorporate most committee suggestions and improve ease of compliance without altering tax rates.
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Income Tax bill withdrawn, updated version to be tabled on Aug 11
New Delhi: Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax Bill, 2025, in the Lok Sabha, and the government will come out with an updated version of the legislation after incorporating changes suggested by the Select Committee. A new version of the Income Tax Bill will be introduced in the Lok Sabha on August 11. The updated version of the I-T Bill, according to sources, will incorporate most of the recommendations of the S…
Revised Income Tax Bill 2025: What does new I-T Bill propose & why was the old bill withdrawn? All you need to know
New Income Tax Bill 2025: The revised I-T bill incorporates most of the recommendations given by the select committee -- which examined the Income Tax Bill 2025, apart from the suggestions received from other sources
Income Tax Bill 2025: The government has decided to withdraw this Income Tax Bill 2025 for the time being. Now at the appropriate time a new bill will be introduced in the Lok Sabha, which will replace the existing Income Tax Act, 1961 - government had introduced the income-tax bill 2025 in the lok sabha on 13th of february
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