Lok Sabha Speaker Om Birla on Friday constituted a 31-member Select Committee of the lower house to examine the Income Tax Bill.
To be headed by BJP's Baijayant Panda, the panel is mandated to submit its report by the first day of the next session.
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The ongoing Budget Session will conclude on April 4 and the Monsoon session could commence in the third or fourth week of July.
While introducing the Bill in the Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman had urged Birla to refer the draft law to a Select Committee of the House.
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The much-anticipated Bill will replace terminologies such as "assessment year" and "previous year" with the easier-to-understand "tax year" as part of a move to simplify language while removing provisos and explanations.