Government Withdraws Income Tax Bill 2025; Revised Bill To Introduce on August 11:

Government Withdraws Income Tax Bill 2025; Revised Bill To Introduce on August 11 The Income Tax Bill 2025, introduced in the lower house of the parliament (Lok Sabha) on February 13, 2025, to amend the existing rules and substitute the Income-Tax Act, 1961, has been officially withdrawn. On August 11, 2025, the Select Committee, chaired by Baijayant Panda, will introduce an updated version of the Income Tax Bill 2025, including further changes. Why this Update? To Avoid confusion by multiple versions of the Bill and to provide a clear and updated picture with all incorporated changes, new Income Tax bill will be introduced on 11 August.