
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
Air pollution levels in the national capital, Delhi, continue to remain alarming. According to th
India defeated Pakistan by six wickets in their first match of the Asia Cup 2025 Super 4s, and th
The Trump administration in the US has made a major change to the H-1B visa policy, increasing th
A video of the Delhi Metro is becoming increasingly viral on social media. In which some people a
Sambhal Violence: Alert after arrest of Masjid Committee chief, police increased security
The police were completely alert regarding the arrest of Jama Masjid Committee's Sadar Zafar Ali.
Summer has also started with the arrival of April. India is going to experience severe heat this
Arjun Tendulkar: Is Arjun Tendulkar engaged? Big claim in reports; Know who his fiancée is
Arjun Tendulkar, son of former India batsman Sachin Tendulkar, is engaged. According to an India
The Israeli army on Tuesday warned its citizens that missiles have been fired from Iran (Israel-I
Coronavirus cases are increasing rapidly in India once again. The number of active cases in the c
After Sushma Swaraj, Sheila Dixit, and Atishi, Delhi can once again get a woman chief minister. B