Lok Sabha Speaker Om Birla has constituted a 31-member Select Committee to examine the new Income Tax Bill. The panel will be headed by BJP MP Baijayant Panda and it will submit its report by the first day of the next session.
The Income-Tax Bill 2025 which aims at consolidating and amending the law relating to income tax was introduced in the Lok Sabha on Thursday. While introducing the Bill, Finance Minister Nirmala Sitharaman had urged the Lok Sabha Speaker to refer the draft law to a Select Committee of the House.
Speaking on the Bill, Ms Sitharaman said that the new legislation has fewer sections and chapters in comparison to the existing Income Tax Act, and it has been simplified for easy comprehension by the common people.
