The Minister of Finance of the Union Nirmala Sitharaman will present a revised new income tax of 2025, as it is deleted by the selection committee, in Lok Sabha today 11 August.
Last week, Sitharaman withdrew the earlier version of the 2025 Income Tax Act from Lok Sabha. The bill, which was replaced by the Income Tax Act of 1961, was introduced in the lower house of Parliament 13 February at the beginning of this year.
Also read | A revised income tax account to be submitted on Lok Sabha on Monday
Sitharaman withdrew the bill just before the house was postponed on Friday after Krishna Prasad Tenneti, who was in the chairman, asked the Minister of Finance to move on holiday.
After the bill withdrawal of the law, the Government stated that it will publish an updated version that included changes proposed by the selection committee.
Why was the income tax account selected?
The bill has been withdrawn to prevent confusion of several account versions and to provide a clear and updated version with all integrated changes.
“It is assumed that there will be an absolutely new law that ignores an earlier account for which a lot of work has been done and all the work and the time spent will drop,” said parliamentary Minister Kiren Rijija on Saturday.
The Minister made it clear that concerns were poorly founded, because the new bill to be introduced will include all changes designed by the selected committee and the government adopted.
The Lok Sabha Committee, Chaired by BJP Baijayant Panda, submitted 285 proposals for the income tax account adopted by the government.
Updated legislation with all changes will be introduced to consider the house to avoid confusion caused by multiple versions of the bill.
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Rijiju stated that a new law was needed, because it would be necessary to introduce any change and seek the approval of the house separately.
What are the changes in the revised Act on Income Tax?
The revised bill includes most of the recommendations of the selection committee, which has explored the 2025 income Act and submitted its report on 21 July.
These changes concern the simplification of the language of the draft legislation. Other proposals have also been received and must be incorporated. The changes essentially concern the design, balance of phrases, subsequent changes and cross references.
The best changes as the panel is designed are:
1.Taxation: The provision that denies the return of income tax if the return is submitted after the due date is removed. The earlier version of the bill required the person who was looking for a refund by the ITR due date. Section 433 of the new IT bill states that the refund is required only when returning.
Concerns were poorly founded because the new law will include all changes designed by the selected committee.
2. Inter-Corporate Dividends: Another change is the deduction of section 80m (according to clause 148 of the New Testament) for mutual dividends for companies that take advantage of the advantage of a special rate according to section 115BAA, which was omitted in the bill, which is now withdrawn.
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3.Nil tds: Another proposal of the Committee was to allow taxpayers to use the NIL TDS certificate.
(Tagstotranslate) Bill tax taxes 2025
