India: Select committee report on proposed legislation to replace Income-tax Act, 1961
Report submitted on July 21, 2025
After the Income-tax Bill, 2025, which would replace the Income-tax Act, 1961, was introduced in Parliament on February 13, 2025 (read TaxNewsFlash), the proposed legislation was referred to a 31-member select committee for detailed examination.
Following extensive consultations with experts and stakeholders, the committee tabled a revised version of the legislation, along with a comprehensive report exceeding 4,500 pages, before the Lok Sabha on July 21, 2025.
The committee recommended several language refinements and referencing corrections aimed at simplifying the legislation, reducing ambiguity, and eliminating anomalies in the original draft.
Read a July 2025 report prepared by the KPMG member firm in India