The Union government has formally withdrawn the Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income-Tax Act, 1961,.A fresh version of the Bill, incorporating most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Panda, is scheduled to be tabled in the Lok Sabha on Monday, August 11.According to officials familiar with the matter, the withdrawal aims to avoid confusion arising from multiple versions of the Bill. “The new draft will reflect all changes in a consolidated manner and will be placed before the House for consideration,” one of the sources told ET.The earlier draft, introduced during the Budget Session, was part of the government’s broader plan to modernise and simplify direct tax laws. The revised Bill is expected to preserve the core structure but will include several technical and procedural modifications recommended by the parliamentary panel.