Income Tax Bill 2025: Lok Sabha Speaker constitutes a 31-member selection committee, BJP MP Panda will be the chairman

Posted on 15th Feb 2025 11:57 am by rohit kumar

Lok Sabha Speaker Om Birla has constituted a select committee to examine the Income Tax Bill, 2025. This committee will examine the provisions of the bill and the changes to be made in the law. BJP MP Baijayant Panda has been appointed as the chairman of the committee.

 

Other members of the select committee include Dr. Nishikant Dubey, Jagdish Shettar, Sudhir Gupta, Anil Baluni, Raju Bista, Eatala Rajendra, Vishnu Dayal Ram, Mukeshkumar Chandrakant Dalal, PP Choudhary, Shashank Mani, Bharthari Mehtab, Naveen Jindal, Anurag Sharma, Deepender Singh Hooda, Benny Behanan, Vijay Kumar alias Vijay Vasanth, Dr. Amar Singh, Advocate Gowal K Padvi, Mohammad Rakibul Hussain, Lalji Verma, Advocate Priya Saroj, Mahua Moitra, Dr. Kalanidhi Veeraswamy, Daggumalla Prasad Rao, Kaushalendra Kumar, Arvind Ganpat Sawant, Supriya Sule, Ravindra Dattaram Waikar, NK Premachandran, V. Richard.

 

17 members of NDA in the committee

The 31-member Select Committee has 17 members of the ruling NDA, including 14 from BJP and one each from TDP, JDU, and Shiv Sena. At the same time, 13 members of opposition parties are included in the committee, including six from Congress, two from Samajwadi Party, and one each from DMK, TMC, Shiv Sena (UBT), NCP (SP), and RSP. Richard Vanlalhmangaiha is on the committee on behalf of the ruling Zoram People's Movement in Mizoram.

 

Know what is in the new Income Tax Bill.

 

Let us tell you that in the new Income Tax Bill, terminology like tax assessment (AY) and financial year (FY) has been replaced with the easily understandable 'tax year' (TY). This bill proposes to simplify the language of income tax as well as remove unnecessary provisions and clarifications. The new bill is 622 pages long and has 536 sections, 23 chapters, and 16 schedules. The bill does not propose new taxes but simplifies the language of the existing Income Tax Act, of 1961, which has 298 sections and 14 schedules.

 

12 key points of the new Income Tax Bill

 

Relief from income tax disputes

Shorter and simpler than the current law

Tax year instead of the assessment year

Amendment in income tax slabs

Deadline for filing updated income tax returns

Provisions related to virtual digital assets

More detailed provisions for non-profit organizations

Proposal for tax exemption for startups and digital businesses

No change in income tax rates and standard deduction

CBDT's powers increased

Investment in debt mutual funds is expensive; exemption on pension, NPS, and insurance will continue.

Exemption on agricultural income and e-KYC mandatory

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