New Delhi: According to an official statement, the Lok Sabha’s Select Committee, which is examining the Income-Tax Bill, 2025, requested opinions and recommendations on the proposed law from professionals, trade groups, organizations, and other interested parties on Thursday.

The committee has asked interested parties to submit memoranda or ideas about the draft law. Baijayant Panda, a BJP Lok Sabha MP, is the committee’s head.

The statement states that recommendations must be provided in either Hindi or English, and two copies must be sent to the Director (CF&S CITB) at the Lok Sabha Secretariat, Room No. 133A.

Additionally, the committee has given itself two weeks to receive the proposals.

The administration suggested a thorough examination of the Income Tax Act of 1961 in the July 2024 budget. The act was intended to be clear and succinct in order to minimize disagreements and legal action.

The government invited interested parties to provide feedback on the recently announced Income Tax Bill 2025 earlier on March 18. The Select Committee is now reviewing the bill in order to give it careful thought.

Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs, said on March 25 that the revised Income Tax Bill will be discussed during the monsoon session of Parliament.

The Finance Bill 2025 offers unparalleled tax relief to honor taxpayers, according to Finance Minister Sitharaman, who talked extensively about the bill in Parliament.

Union Finance Minister Nirmala Sitharaman introduced a new income tax bill in the Lok Sabha on February 13 of this year. It aims to replace the current Income Tax Act, 1961, and make changes that will impact individuals, businesses, and non-profit organizations, among other taxpayer categories.

In response to the Parliament’s inquiries on Finance Bill 2025, Sitharaman reaffirmed the Union government’s resolve to simplify business laws and provide tax certainty as part of the larger plan to create a Viksit Bharat by 2047.

By 2047, the budget seeks to implement changes that would create Viksit Bharat. In addition to the new income tax bill that is now being considered by a special committee, it seeks to give tax certainty and measures that will make conducting business easier. “The Finance Bill does not include this bill,” Sitharaman said.

She outlined tax measures, including lowering industrial items’ customs tariff rates and reducing the number of tariff slabs from 21 to just eight. She further explained that under direct tax laws, an item may be subject to a cess or surcharge, but not both.

“We reduced the duty from 21% to 8% by eliminating seven custom tariff rates on industrial items. A surcharge may be imposed, and we have made sure that no one item is in excess. Speaking about direct taxes, FM Sitharaman states that just one may be imposed.