Income tax bill 2025: The select committee of Lok Sabha will be held on 6 and 7 March under the chairmanship of Lok Sabha MP Baijayant Panda. The select committee was formed by the Parliament to investigate the new income tax bill. On March 6, the Select Committee has called the Institute of Chartered Accountants of India (ICAI) and Ernst and Young (E&Y). The committee will record the oral evidence of representatives of ICAI and EY.
At the same time, on March 7, the Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) industry (CII) industry will be heard opinion on the new bill. The 31 -member select committee is the chairman of the BJP’s Parliament, Baijayant Panda.
Recommendation will have to be submitted in Parliament before monsoon session
The committee will have to submit its recommendation on the new bill of income tax in Parliament before the monsoon session. The selection committee of 31 members was constituted by Lok Sabha Speaker Om Birla to investigate a new income tax bill. The aim behind the formation of this committee is to make the tax law easier. The bill was introduced in the Lok Sabha on 13 February by Finance Minister Nirmala Sitharaman.
What is the purpose of Income Tax Bill 2025?
Overall, the Income Tax Bill 2025 aims to make the tax law easier. To encourage startup investment and bring transparency in tax policies for non -profit business in business.
No major policy changes in the new bill
Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025 in Parliament on 13 February 2025. In the press release of the Central Board of Direct Tax on the same day, it was said that no major policy changes or tax rates have been changed in the new bill to maintain the tax policy in the interest of continuity and certainty and to maintain the forecast for taxpayers.
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