New Delhi : The Lok Sabha Selection Committee of Parliament has invited suggestions from public, experts, industry organizations and various stakeholders on the Income Tax Bill 2025 (Income Tax Bill 2025). This committee is being chaired by BJP MP Baijayant Jai Panda.
According to the official press release, interested people can send their suggestions or memorandum to the Lok Sabha Secretariat, Room No. 133A in Hindi or English. The last date for sending suggestions has been fixed at two weeks, that is, it will be mandatory to respond within 14 days.
In the July 2024 budget, the government had said to bring a new, simple and clear law in place of the Income Tax Act of 1961. Its purpose is to provide more transparency, certainty and judicial relief to taxpayers, as well as ensure ease of doing business.
Finance Minister Nirmala Sitharaman had already made it clear that this new Income Tax Act is not a part of Finance Bill 2025, but has been brought in a separate form and the Special Committee is reviewing it intense.
Speaking in Parliament in March 2025, the Finance Minister said that this bill is being brought with the objective of giving historical relief to honest taxpayers. Along with this, he said that the government is working fast towards the target of direct taxes, simplicity in business regulations and developed India 2047.
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This new bill will affect individual taxpayers, businesses and non-profit organizations. In this, concrete steps are being taken to make tax structure easy and dispute-free. The government believes that this law will provide stability in the country's revenue structure, promotion of industries and relief to the public.
