{"id":4369,"date":"2025-08-11T12:27:23","date_gmt":"2025-08-11T12:27:23","guid":{"rendered":"https:\/\/tezgyan.com\/index.php\/2025\/08\/11\/revised-new-income-tax-bill-2025-passed-in-lok-sabha-what-are-the-changes-suggested-by-parliamentary-panel-tax-news\/"},"modified":"2025-08-11T12:27:23","modified_gmt":"2025-08-11T12:27:23","slug":"revised-new-income-tax-bill-2025-passed-in-lok-sabha-what-are-the-changes-suggested-by-parliamentary-panel-tax-news","status":"publish","type":"post","link":"https:\/\/tezgyan.com\/index.php\/2025\/08\/11\/revised-new-income-tax-bill-2025-passed-in-lok-sabha-what-are-the-changes-suggested-by-parliamentary-panel-tax-news\/","title":{"rendered":"Revised New Income Tax Bill 2025 Passed In Lok Sabha: What Are The Changes Suggested By Parliamentary Panel? | Tax News"},"content":{"rendered":"


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The 31-member committee, chaired by BJP MP Baijayant Panda, submitted a 4,575-page report last month, making 285 recommendations, including 32 major changes to the draft bill.<\/h2>\n
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The updated income tax bill seeks to overhaul India\u2019s tax framework by replacing the six-decade-old Income Tax Act, 1961, with a modernised law aimed at simplifying compliance.<\/p>\n<\/figure>\n

The Lok Sabha on Monday passed the Income-Tax (No. 2) Bill, 2025<\/a>, after Finance Minister Nirmala Sitharaman introduced the revised legislation earlier in the day. The new bill replaces the earlier Income Tax Bill, 2025, which was tabled in February this year and officially withdrawn on August 8.<\/p>\n

The updated bill seeks to overhaul India\u2019s tax framework by replacing the six-decade-old Income Tax Act, 1961, with a modernised law aimed at simplifying compliance, incorporating digital taxation, and using technology and data analytics to expand the tax base.<\/p>\n

Why Was The Earlier Bill Withdrawn?<\/strong><\/p>\n

While presenting the revised bill, Sitharaman said the government had accepted \u201calmost all of the recommendations of the Select Committee”, along with suggestions from stakeholders to ensure the law\u2019s intent is \u201cconveyed more accurately”.<\/p>\n

\u201cThere are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw the Income Tax Bill, 2025, as reported by the Select Committee. Consequently, Income-tax (No. 2) Bill, 2025, has been prepared to replace the Income-tax Act, 1961,” according to the statement of objects and reasons.<\/p>\n

Key Recommendations of Parliamentary Select Committee<\/strong><\/p>\n

The 31-member committee, chaired by BJP MP Baijayant Panda, submitted a 4,575-page report last month, making 285 recommendations, including 32 major changes to the draft bill.<\/p>\n

Some of the principal suggestions include:<\/p>\n