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
West Bengal Chief Minister Mamata Banerjee on Wednesday claimed that the real motive behind the S
Sapna's daughter's marriage was fixed with Rahul, whose marriage procession was to come on 16th A
'I will have to pay a heavy price, but I am ready, ' PM Modi's first reaction to Trump's tariff
Prime Minister Narendra Modi's first reaction came today after US President Donald Trump announce
Bigg Boss 19: 'She is of Kunika's age ...', Tanya Mittal made such a comment on Malti Chahar's age
The controversial reality show Bigg Boss 19 (Bigg Boss 19) was already having a lot of drama, and
The results of the mayor elections of 10 municipal corporations of Haryana have started coming. I
Legendary Pakistani fast bowler Wasim Akram has strongly criticized the Pakistan team after their
Salman Khan and his family are once again embroiled in controversy, thanks to a major statement b
Police have disclosed the murder of Congress worker Himani and have named her friend Sachin as th
India's star wicketkeeper-batsman, Rishabh Pant, made his national comeback on Thursday in the un
The national song of India, 'Vande Mataram', has completed 150 years. It will be discussed in bot
