Parliament Panel Revamps Income Tax Legislation: A Modern Shift
The Parliamentary panel assessing the Income Tax Bill-2025 has made 285 recommendations to modernize and simplify the tax laws. The report, led by BJP's Baijayant Panda, will be presented in the Lok Sabha. The government aims for the new law to be implemented by April 2026.
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- India
A Parliamentary panel reviewing the Income Tax Bill-2025 has introduced 285 recommendations aimed at modernizing and simplifying tax laws. This marks a significant legislative effort to overhaul the existing regulatory framework.
Led by BJP leader Baijayant Panda, the Select Committee of the Lok Sabha adopted the report, which will be formally presented during the Monsoon session's outset on Monday. This development could pave the way for the Bill's passage in the coming months.
The government plans to implement the updated tax law by April 2026, promising enhanced simplicity and efficiency in taxpayer interactions. This legislative reform will replace the Income Tax Act of 1961, which has seen extensive amendments over the decades.
(With inputs from agencies.)
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