Parliament panel examining Income Tax Bill holds first meeting
The select parliament panel constituted to review the Income-Tax Bill, 2025 met for the first time on Monday.
As per sources, members of the panel were briefed about the new Bill, and some of the members raised initial doubts and questions about the Bill. Apart from that nothing much happened, said one of the members in the panel.
The panel was set up to review the new I-T Bill, and submit its report by March 10. After the panel’s report is submitted, the government would try and incorporate the changes suggested by the panel.
The Bill would then be tabled again in parliament and once it is passed by Parliament and becomes an Act, new rules and forms will be notified. Simultaneously, the government will develop software to set up the systems and processes for various administrative and quasi-judicial functions. The Bill is expected to come into force by 1 April 2026.
The 31-member panel is headed by BJP Lok Sabha member of parliament (MP) Baijayant Panda. Other members include Nishikant Dubey, P P Chaudhary, Bhartruhari Mahtab and Anil Baluni (all BJP), and opposition MPs like Deepender Singh Hooda of the Congress, Mahua Moitra of the TMC, Supriya Sule of the NCP (SP) and N K Premachandran of the RSP.