Govt likely to table new Income Tax Bill in Parliament Monday, sources say
This story was originally published at 16:02 IST on 8 August 2025
Register to read our real-time news.Informist, Friday, Aug. 8, 2025
NEW DELHI – The government is likely to introduce the new Income Tax Bill in Parliament on Monday, government sources said. A new version of the Bill will be presented after incorporating most of the recommendations made by the Select Committee of Parliament, sources told Informist Friday. "To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, a new version of the Income Tax Bill will be introduced," sources added.
The new Income Tax Bill, announced in the full Budget for 2024-25 (Apr-Mar), aims to simplify the Income Tax Act, 1961, make it more lucid and easier for taxpayers to calculate taxes and file returns. The Parliamentary committee set up to examine the Income Tax Bill tabled its report on Jul. 21. The committee, headed by Baijayant Panda, recommended a number of tweaks to the new bill that was introduced in the Lok Sabha by Finance Minister Nirmala Sitharaman in February. Sitharaman had last month said that she hopes Parliament takes up the bill in the ongoing Monsoon Session.
In its report, the Parliamentary committee has suggested that the Bill be amended to allow carry forward and set-off of losses by certain companies where the shareholding pattern, though altered temporarily, is restored in subsequent years and the 51% continuity requirement is met thereafter. "This would preserve the legislative intent of preventing misuse while ensuring fair treatment for companies whose shareholders remain ultimately liable to tax," the report said. The report has a host of other recommendations.
The other members of the committee included Bhartruhari Mahtab and Naveen Jindal from the Bharatiya Janata Party, Mahua Moitra of the Trinamool Congress, N.K. Premachandran of the Revolutionary Socialist Party, and Supriya Sule of the Nationalist Congress Party (SCP). The proposed Income Tax Bill has 536 sections and 23 chapters spread across 622 pages, 201 pages fewer than the older Act. End
Reported by Priyasmita Dutta
Edited by Saji George Titus
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:
