new earnings tax invoice introduced in lok sabha at present parliament session on monsoon Panel chairman Baijayant Panda introduced Choose Committee report

Choose Committee report on new Earnings-Tax Invoice introduced in Lok Sabha by panel chairman

Panel chairman Baijayant Panda at present, July 21, introduced the report of the Choose Committee on the brand new Earnings-Tax Invoice in parliament. The Choose Committee examined the Earnings-tax Invoice, 2025, which seeks to simplify language and construction of the Earnings Tax Act 1961.

Baijayant Panda, a BJP MP, additionally introduced a duplicate of the file of proof given earlier than the Choose Committee on the Earnings-Tax Invoice, 2025.

The report was unanimously adopted by the Committee on sixteenth July, 2025. The Invoice was launched on thirteenth February, 2025, and referred to the Choose Committee on the identical day by a movement moved by Nirmala Sitharaman, Minister of Finance and Company Affairs. Accordingly, the Choose Committee of Lok Sabha, consisting of 31 Members from Lok Sabha below the Chairpersonship of Baijayant Panda was constituted to look at the Invoice and make and submit their report.

The mandated perform of the Choose Committee was to undergo the textual content of the Invoice, clause-by-clause, to see that the provisions of the Invoice convey out the intention behind the measure, that there might be no procedural defect in its working, that the Invoice doesn’t offend provisions of the current regulation and that the item proposed to be achieved is sufficiently introduced out.

What is the intention of the brand new Invoice?

The brand new Earnings-Tax Invoice goals to switch the previous Earnings Tax Act, 1961. The brand new Invoice is sort of half the scale of the previous Invoice. Within the up to date Invoice, the variety of sections decreased from 819 to 536, and the chapters are lower down from 47 to simply 23. The phrases have been made less complicated and have round 2.6 lakh phrases now, in comparison with 5.12 lakh phrases within the 1961 regulation.

What are the adjustments for strange taxpayers?

Now, the taxpayers can pay taxes yearly. There might be no earlier yr and ‘evaluation yr’. Presently, you earn earnings this yr and pay tax subsequent yr, however with the brand new Invoice, you’ll have to pay the tax similar yr you earn earnings.

Officers mentioned the Earnings-tax Invoice, 2025, displays the Authorities’s dedication to enhancing ease of doing enterprise by offering a tax framework that’s easy and clear.