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The first meeting of the Select Committee examining the Income Tax Bill 2025 will be held on Monday. At the meeting, officials of the Ministry of Finance will brief the panel members on the salient features of the proposed legislation.
The 31-member committee headed by senior BJP MP Baijayant Panda will also discuss the future course of action, including the modalities of conducting the proceedings, the stakeholders to be involved and the extent of the consultation process.
The Bill is aimed at simplifying the existing Income Tax Act, 1961, which was subjected to numerous amendments and as a result, its basic structure has been “overburdened and language has become complex, increasing cost of compliance for taxpayers and hampering efficiency of direct-tax administration”, the Statement of Objects and Reasons said.
The Bill was tabled in Lok Sabha on February 13, on the last day of the first leg of the Budget Session, by Finance Minister Nirmala Sitharaman. The panel, which has 14 BJP MPs and six Congress lawmakers among others, has been given time till the first day of the next Session to submit the report.
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