Income Tax Bill 2025 Withdrawn:
The government of India has formally withdrawn the Income Tax Bill, 2025, which was first introduced in the Lok Sabha on February 13, 2025. This Bill was meant to replace the six-decade-old Income Tax Act of 1961. The move to withdraw the Bill came after concerns about the confusion created by multiple versions of the draft legislation.

Income Tax Bill 2025 Withdrawn:

Officials explained that they decided to withdraw the Bill to ensure clarity. They wanted to avoid misunderstandings. On August 11, 2025, Parliament will introduce a new version of the Income Tax Bill. This version will include most of the Select Committee’s recommendations.

The updated Bill will combine all proposed changes into a single draft. Sources suggest that the new version will address key points raised by the Select Committee. BJP MP Baijayant Panda chairs this committee.

Finance Minister Nirmala Sitharaman made the announcement during a Lok Sabha session. The House had adjourned for the day shortly after. Opposition parties criticized the government for mishandling the issue. They accused the government of wasting time on irrelevant matters. They believed the government should focus on crucial discussions, like electoral reforms in Bihar.

The updated Bill will be debated and reviewed in the upcoming Parliament session. Lawmakers will discuss the revised version in detail. This fresh introduction aims to simplify the process of Income Tax reform. The system has been under scrutiny for several years.

The government expects the move to enhance transparency. It aims to make income tax laws clearer and more straightforward. This reform will benefit both individuals and businesses.

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