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Monsoon session: New version of I-T bill to be tabled on Monday

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NEW DELHI: Govt will introduce a fresh version of the Income Tax bill on Monday, incorporating the recommendations of the Select Committee of Parliament. The new bill was approved by the cabinet on Friday as finance minister Nirmala Sitharaman withdrew earlier version of the I-T bill 2025, which was introduced in Lok Sabha in Feb this year. The revised bill could have been introduced in Parliament on Friday itself, but it could not be done as disruptions forced the House to be adjourned by the time presidential assent was received. “To avoid confusion by multiple versions of the bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday,” sources said.The Select Committee of Lok Sabha headed by BJP’s Baijayant Panda had examined the IT Bill 2025 and adopted the report on the draft legislation last month. The Parliamentary panel had suggested 285 recommendations on the draft legislation, aimed at simplifying and modernising the country’s tax laws.The IT Bill 2025 was tabled in Parliament on Feb 13 and was aimed at simplifying the language and structure of the Income Tax Act 1961. It was sent to the Select Committee for examination. The bill will replace the six decade old Income Tax Act 1961.The simplification exercise was guided by three core principles, which included textual and structural simplification for improved clarity and coherence, no major tax policy changes to ensure continuity and certainty and no modification of tax rates, which is aimed at preserving predictability for taxpayers, an official statement had said.CBDT chairman Ravi Agrawal in an interview to TOI last month had said that the provisions of law will become far more simpler for any taxpayer to read and understand. He had said the dependence on a professional to understand the law is expected to see some correction. “The use of formulae, tables and consolidation of provisions will enable easier compliance for taxpayers and professionals,” Agrawal had added.

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