Lok Sabha select committee on tax bill to meet Wed to adopt draft report
This story was originally published at 20:43 IST on 10 July 2025
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NEW DELHI – The select committee of the Lok Sabha constituted to examine the Income Tax Bill, 2025, is scheduled to meet on Wednesday for consideration and adoption of the draft report on the bill. The committee is scheduled to submit its report to the Lok Sabha on Jul. 21, the first day of the Monsoon Session.
The Lok Sabha Secretariat has circulated the agenda of the committee meeting on Wednesday to all members.
The bill, which aims to simplify the Income Tax Act, 1961, was introduced in the Lok Sabha on Feb. 13 and referred to the select committee for wider scrutiny. The bill, announced in the full Budget for 2024-25 (Apr-Mar), aims to make tax laws more lucid and easier for taxpayers.
The new bill proposes to replace 'assessment year' with 'tax year', making the language easier for taxpayers. The use of the phrase 'assessment year', which refers to the year following the one for which tax is being paid, caused confusion among taxpayers, especially new ones.
Under the new bill, taxpayers will also need to report their crypto transactions. "Any person, being a reporting entity, as prescribed, in respect of a crypto-asset, shall furnish information in respect of a transaction of such crypto-asset in a statement," the bill read. End
Reported by Kuldeep Singh
Edited by Saji George Titus
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