Back in February this year, the finance minister of India, Nirmala Sitaraman announced the new income tax bill that would come to effect from this financial year. This new bill is a significantly shortened version of the original 1961 version that was a lot more elaborate and hard to comprehend.
However, the new income tax bill that the concerned authorities prepared has now been withdrawn officially by the government of India.
According to the latest developments, the Income-Tax Bill 2025, which was introduced in the Lok Sabha on 13th February 2025 intended to replace the existing Income-Tax Act 1961, has been formally withdrawn.
A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by Baijayant Panda, will be introduced on Monday, August 11.
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.
The new income tax bill that was announced by the finance minister earlier this year had 536 sections, as opposed to the earlier one with 819 sections. This was supposed to be more effective and easier to navigate version, but the same has been withdrawn by the Indian government now.
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