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Income Tax Bill, 2025, withdrawn by Centre; new version coming on August 11
A fresh version of the Income Tax Bill will be introduced in the House on Monday, August 11.
The government on Friday formally withdrew the Income-Tax Bill, 2025, which had been introduced in the Lok Sabha on February 13 this year to replace the six-decade-old Income-Tax Act, 1961.
A fresh version of the Bill, updated to incorporate most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Panda, will be introduced in the House on Monday, August 11.
Officials said the withdrawal was aimed at avoiding confusion caused by multiple versions of the legislation and ensuring that lawmakers have a single, consolidated draft reflecting all proposed changes.
The updated version of the I-T Bill, according to sources, will incorporate most of the recommendations of the Select Committee.
"To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday," sources said.
What happened in Lok Sabha today
Lok Sabha proceedings were adjourned for the day on Friday amid vociferous protests by opposition parties demanding a discussion on the ongoing revision of electoral rolls in Bihar.
Just before the House was adjourned, Finance Minister Nirmala Sitharaman withdrew the earlier 'Income-Tax Bill, 2025', with the Select Committee having submitted its report on it.
As the House assembled at 3 pm, Krishna Prasad Tenneti, who was in the Chair, asked Sitharaman to move for leave to withdraw the Bill. She then withdrew the Bill.
Parliamentary Affairs Minister Kiren Rijiju said it is unfortunate that opposition parties are wasting time when private member bills were to be taken up. He said opposition parties must not say that the government did not cooperate as the government has said from the beginning that it is willing to discuss all issues under rules.
