New Income Tax Bill introduced in Lok Sabha, govt seeks select committee review

Union Finance Minister Nirmala Sitharaman on Thursday introduced the Income Tax Bill, 2025, in the Lok Sabha and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

While moving the Bill for introduction, Sitharaman urged Birla to refer the draft law to a select committee of the House, which will submit its report by the first day of the next session.

She urged the Speaker to take a call on the proposed panel's composition and rules.

The Bill was introduced amid objections raised by Congress MP Manish Tewari, RSP MP NK Premachandran and TMC's Sougata Roy.

Sitharaman, however, termed the objections by the three MPs as not tenable.

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.

Meanwhile, the Lok Sabha proceedings were adjourned on Thursday till March 10, with the first part of the Budget session recording a productivity of 112 per cent.

“The proceedings of the House are adjourned till 11 am on March 10,” Lok Sabha Speaker Om Birla announced.

Birla said the productivity during the session was recorded at 112 per cent.

“The debate during Motion of Thanks following President's address went on for 17 hours and 23 minutes with 173 MPs participating in the productive discussion. During the debate on budget, 170 members participated in discussions which went on for 16 hours and 13 minutes,” he said.

The second part of the Budget session will be held from March 10 to April 4. — with PTI