Parliamentary Panel Advocates Key Changes in New Income Tax Bill

A Parliamentary panel led by BJP's Baijayant Panda supports tax exemption continuity for anonymous donations to religious-cum-charitable trusts. It suggests changes in the new Income Tax Bill, balancing NPO taxation and advocating flexible TDS refund claims. The panel's 566 recommendations aim for legal modernization and taxpayer fairness.

Devdiscourse News Desk | New Delhi | Updated: 21-07-2025 18:30 IST | Created: 21-07-2025 18:30 IST

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A Parliamentary panel led by BJP leader Baijayant Panda has endorsed ongoing tax exemptions for anonymous donations to religious-cum-charitable trusts in the proposed Income Tax Bill, noting potential adverse effects on non-profit organizations if removed.

The 31-member Lok Sabha Select Committee reviewed sweeping revisions in the Income Tax Bill, 2025, urging taxpayer-friendly changes such as flexibility in claiming TDS refunds post-deadline without penalties. The bill aims to replace the outdated 1961 Act.

The committee generated 566 recommendations which will be debated by the Lok Sabha, including proposals for modern legal definitions and procedural safeguards to ensure the bill caters effectively to common taxpayers.

(With inputs from agencies.)