Modi Govt Shelves Current Income Tax Bill, Fresh Draft to Reflect Major Changes

New Delhi (The Uttam Hindu): Major changes in India’s tax regime are on the horizon as the Income Tax Act, 1961, is set to be replaced by the Income Tax Bill, 2025. Finance Minister Nirmala Sitharaman had earlier withdrawn the previous version of the Income Tax Bill, 2025, despite the Select Committee having submitted its report. The updated version of the bill will now be introduced in the Lok Sabha on August 11.

According to sources, the new draft incorporates most of the recommendations made by the Select Committee headed by BJP leader Baijayant Panda. The move aims to eliminate confusion caused by multiple versions of the bill and to present a consolidated, updated framework. The revised bill will be tabled in the House on Monday.