New Tax Bill
Parliament panel adopts report on new tax bill, Opposition flags concerns
This story was originally published at 21:03 IST on 16 July 2025
Register to read our real-time news.Informist, Wednesday, Jul. 16, 2025
NEW DELHI – A select committee of the Lok Sabha Wednesday unanimously adopted a draft report on the Income Tax Bill, 2025, offering 285 suggestions, a member of the committee said. Opposition parties raised concerns over the powers given to income-tax officers in the bill to gain access to emails, social media accounts, trading accounts, and websites for storing details of asset ownership. The opposition members have been asked to give objection notes, which will be attached with the report as annexures, the member said.
The report will be presented to the Lok Sabha Monday, the first day of the Monsoon Session. Following that, the government will consider the report and, if required, get Cabinet approval to incorporate some or all of the suggested changes in the legislation before moving the bill for passage in the Lok Sabha.
The Income Tax Bill, 2025, announced in the full Budget for the financial year 2024-25 (Apr-Mar), was introduced in the Lok Sabha on Feb. 13 and the committee chaired by Bharatiya Janata Party member Baijayant Panda was set up to examine it. The bill's stated aim is to make income tax laws more lucid and easier for taxpayers.
The 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, often confused 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," according to the bill. End
Reported by Kuldeep Singh
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
