The committee, chaired by BJP Lok Sabha MP Baijayant Panda, has asked interested persons to submit their memorandum or recommendations on the proposed bill.
According to the press release, the recommendation should be submitted in English or Hindi and sent to the Director (CF&S CITB) at Lok Sabha Seriolariat in Room 133a.
The committee also set a two-week deadline to receive recommendations.
In the July 2024 budget, the government proposed a comprehensive review of the Income Tax Act of 1961. The purpose is to make the bill concise and clear and reduce disputes and litigation.
Earlier on March 18, the government encouraged stakeholders to submit recommendations on the newly introduced Income Tax Bill in 2025. The bill is currently under review and the Options Committee is reviewing for detailed consideration. On March 25, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said the new income tax bill would be in Monsoon Sitementy of Parame of Parame of Paralia of Paralia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia of parialia. In Parliament, it was added that the Financial Act 2025 granted unprecedented tax relief in memory of taxpayers.
The new income tax bill, introduced on February 13 this year by Union Finance Minister Nirmala Sitharaman in Lok Sabha, aims to replace the existing income tax law of 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses and nonprofits.
Responding to questions in Parliament regarding the 2025 Financial Bill, Sitharaman highlighted the commitment of the Union Government to provide tax certainty and simplify business regulations as part of a broad vision to establish Viksit Bharat by 2047.
“The budget is intended to be reformed to establish Viksit Bharat by 2047. Its purpose is to provide tax certainty and reforms with ease of business; in addition, we will have a new income tax bill, currently a special committee. The bill was not proposed as part of the Finance Bill,” Sitharaman said.
Elaborating on tax reform in detail, she announced that she had lowered the customs tariff rate for industrial supplies, reducing the number of tariff boards from 21 to 8. Additionally, she clarified that taxes or surcharges (not both) can be charged under direct tax regulations.
“We have removed seven custom tariff rates for industrial supplies, reducing the tariff from 21% to 8%. We make sure none of the items are taxable and surcharges are available. Only one is levied,” FM Sitharaman said in a direct tax.
