Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha and urged Speaker Om Birla to refer it to a select committee of the House.
Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.
According to PTI, While moving the Bill for introduction, Sitharaman urged Birla to refer the draft law to a select committee of the House, which will submit its report by the first day of the next session.
She urged the speaker to take a call on the proposed panel’s composition and rules.
The much-anticipated Bill will replace terminologies such as “assessment year” and “previous year” with the easier-to-understand “tax year” as part of a move to simplify language while removing provisos and explanations.
Responding to the objections raised by some opposition members at the introduction stage of the bill, the finance minister said Manish Tewari of the Congress and N K Premchandran of the Revolutionary Socialist Party (RSP) were incorrect in stating that the new bill has more sections in comparison with the existing income tax law.
