Revised Income Tax Bill to be Introduced in Lok Sabha on August 11

Finance Minister Nirmala Sitharaman announced the withdrawal of the original Income Tax Bill, 2025, in the Lok Sabha, stating that the government will introduce a revised version incorporating suggestions made by the Select Committee. The updated Bill will include most of the recommendations made by the 31-member Select Committee chaired by Baijayant Panda, including retaining tax exemptions on anonymous donations to purely religious trusts. The government aims to streamline taxation laws, simplify compliance, and address concerns raised by stakeholders and lawmakers alike.

Key Takeaways:

The original Income Tax Bill, 2025, was introduced in Parliament on February 13 and later referred to the Select Committee for detailed examination.
The Select Committee, chaired by Baijayant Panda, made key recommendations including retaining tax exemptions on anonymous donations to purely religious trusts and allowing taxpayers to claim TDS refunds even after the ITR deadline without attracting penalties.
The new version of the Bill is expected to include most of the Select Committee's recommendations.
The revised Bill will aim to streamline taxation laws, simplify compliance, and address concerns raised by stakeholders and lawmakers.
Finance Minister Nirmala Sitharaman stated that the government has decided to introduce a fresh Bill to present a consolidated and updated draft.
The updated Bill will be tabled on August 11.

Statistics:

The original Income Tax Bill, 2025, was introduced on February 13.
The Select Committee consisted of 31 members, chaired by Baijayant Panda.
The revised Bill is expected to be tabled on August 11.
The government aims to streamline taxation laws, simplify compliance, and address concerns raised by stakeholders and lawmakers.
The original Bill aimed to replace the Income Tax Act of 1961.

Sources:

Official sources, exact date not specified.