New Income Tax Rules Coming Soon: Lok Sabha Select Committee Adopts I-T Bill 2025; To Be Tabled In Monsoon Session Of Parliament | India News
The Income Tax Bill 2025, aimed at simplifying tax law, has been unanimously adopted by the Lok Sabha’s Select Committee, paving the way for its potential passage in the upcoming monsoon session of Parliament.
This parliamentary committee, chaired by BJP leader Baijayant Panda, has made a total of 285 recommendations in the draft law.
According to sources, the 3,709-page draft legislation is likely to be tabled in the Lok Sabha next week on Monday, July 21, 2025, the first day of the Monsoon Session of Parliament. This move paves the way for the passage of the Bill, which was introduced in Parliament earlier this year during the Budget Session.
Sources indicate that the Bill includes 285 suggestions. The Select Committee’s report will be presented in the Lok Sabha on July 21, 2025.
It is expected that this Bill will be passed during the Monsoon Session. After the committee submits its report, the government will consider these recommendations and present the Bill in the Lok Sabha for consideration and passage.
The government aims to implement this new income tax law from April 1, 2026. The new Bill seeks to simplify the language of income tax law, remove redundancies, and streamline procedures, making it more understandable and easier for taxpayers.
Once implemented, this new Bill will replace the Income Tax Act, 1961, which has been effective since April 1, 1962. The 1961 Act has undergone 65 amendments to date, with over 4,000 modifications made to its various sections.
