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Informist, Monday, Aug. 11, 2025

 

--Sitharaman introduces Income Tax Bill (No. 2), 2025 in Lok Sabha 

 

NEW DELHI – Finance Minister Nirmala Sitharaman Monday introduced the Income-tax (No. 2) Bill, 2025, in the Lok Sabha. The Bill was presented after incorporating most of the recommendations made by a select committee of Parliament.

 

The new Income Tax Bill, first announced in the full Budget for the financial year 2024-25 (Apr-Mar), aims to simplify the Income Tax Act, 1961, to make it easier for taxpayers to calculate their tax dues and to file returns. The parliamentary committee set up to examine the Bill tabled its report Jul. 21. The committee, headed by Bharatiya Janata Party member of Parliament Baijayant Panda, recommended a number of tweaks to the Bill that was introduced in the Lok Sabha by Sitharaman in February. Sitharaman had last month said she hopes Parliament will take up the bill in the current Monsoon Session.

 

In its report, the parliamentary committee 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 made a host of other recommendations.

 

The members of the committee included Bhartruhari Mahtab and Naveen Jindal of the BJP, Mahua Moitra of the Trinamool Congress, N.K. Premachandran of the Revolutionary Socialist Party, and Supriya Sule of the Nationalist Congress Party (Sharadchandra Pawar). The 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 Rajeev Pai

 

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