Income Tax Bill 2025: Select Committee of Lok Sabha to discuss Income Tax Bill 2025, meeting at Parliament House Annexe today

New Delhi| The Select Committee of the Lok Sabha will hold an important meeting at the Parliament House Annexe (PHA) on Friday. Income Tax Bill 2025 will be discussed during the meeting. During today’s proceedings, the Committee will hear oral evidence from representatives of leading legal and advisory firms including Vaish Associates Advocates, Reena Legal, Economic Lodge Practice and Ved Jain & Associates. Additionally, former Central Board of Direct Taxes (CBDT) member Jayant G Pendse and representatives of Asia Pacific Real Assets Association Limited (APREA) will present their views on the bill.

Earlier on April 18, the select committee had sought suggestions and views from experts, industry associations, organizations and other stakeholders on the proposed law, according to the official statement. The committee headed by BJP Lok Sabha MP Baijayant Panda has said that interested parties should cast their vote on the proposed bill. In the July 2024 budget, the government had proposed a comprehensive review of the Income Tax Act 1961. The aim was to make the Act concise and clear, thereby reducing disputes and litigation. Earlier on 18 March, the government had asked stakeholders to give their suggestions on the newly introduced Income Tax Bill 2025.

This bill is currently with the Select Committee for detailed deliberations. Meanwhile, on 25 March, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said that the new Income Tax Bill will be discussed in the monsoon session of Parliament. Finance Minister Sitharaman spoke at length on the Finance Bill in Parliament and said that the Finance Bill 2025 gives unprecedented relief to taxpayers. The new Income Tax Bill introduced in the Lok Sabha on 13 February by Union Finance Minister Nirmala Sitharaman affects various categories of taxpayers including the existing Income Tax Act, 1961 individuals, businesses and non-profit organizations.