Union Finance Minister Nirmala Sitharaman tabled the Income Tax Bill, 2025, in the Lok Sabha on Thursday, calling for Speaker Om Birla to send it to a select committee for closer scrutiny.
Proceeding despite the opposition members' objections at the stage of introduction, the House approved the introduction of the Bill through voice vote.
Introduced the Bill, Sitharaman stressed the need for a thorough scrutiny and requested that the Speaker take a decision regarding the composition and rules of business of the committee. The select committee must table its report within the first sitting day of the next session of parliament.
A much-needed overhaul, the Bill aims to streamline tax terminology by substitutingWordy terms such as "assessment year" and "previous year" with the simpler "tax year." It also aims to make provisions easier to understand by cutting out superfluous explanations and provisos to make it simpler to read and apply tax law.
Read also| Opposition Walkout is a Tool for Anti-National Activities, Says Nadda
