Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax bill, 2025
A new version of the Income Tax Bill will be introduced in the Lok Sabha on August 11
Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax bill, 2025 in the Lok Sabha and stated that the revised bill will be presented after incorporating changes suggested by the Select Committee. A new version of the Income Tax Bill will be introduced in the Lok Sabha on August 11.
According to reports, the new bill would house almost all the changes suggested by the committee, PTI reported. The 31-member Select Committee, headed by Baijayant Panda, had suggested a host of changes in the Income Tax Bill, which was introduced in the Lok Sabha on February 13.
"To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House on Monday," PTI reported citing sources.
The committee had recommended continuing tax exemption on anonymous donations made to religious-cum-charitable trusts in the new law, besides suggesting that taxpayers be allowed to claim TDS refund even after the ITR filing due date without paying any penal charges.
The new bill was proposed to simplify the language of the existing bill and make it easier to comprehend. In the bill, the government exempted non-profit organisations (NPOs) from taxing anonymous donations received by purely religious trusts. However, such donations received by a religious trust that may also have other charitable functions, like running hospitals and educational institutions, will be taxed as per law, as per the Bill.
With PTI inputs
