Breaking update on Income Tax Bill 2025: Parliamentary committee adopts 285 suggestions to simplify Income tax laws:

Breaking update on Income Tax Bill 2025: Parliamentary committee adopts 285 suggestions to simplify Income tax laws As per the news sources, the parliamentary committee chaired by BJP leader Baijayant Panda on the Income Tax Bill 2025 has adopted a report with 285 suggestions to simplify India's Income Tax laws. The report will be presented to the Lok Sabha on July 21, the first day of the monsoon session. The bill is likely to be passed during the monsoon session. The government aims to implement the new income tax law from April 1, 2026. Once enacted, the new Bill will replace the Income Tax Act, 1961 which came into force from April 1, 1962.