NEW DELHI, Aug 11: Finance Minister Nirmala Sitharaman on Monday introduced the modified Income Tax bill in the Lok Sabha after including \u201calmost all of the recommendations of the Select Committee.\u201d
\nIntroducing The Income-Tax (No.2) Bill, 2025, Sitharaman said the bill seeks to consolidate and amend the law relating to income-tax and will replace the Income Tax Act, 1961.
\n\u201cAlmost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately,\u201d said the statement of objects and reasons of the bill.
\nThe Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income-tax Bill, 2025, which was introduced in the Lok Sabha on February 13.
\n\u201cThere are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw the Income-tax Bill, 2025 as reported by the Select Committee. Consequently, Income-tax (No. 2) Bill, 2025 has been prepared to replace the Income-tax Act, 1961,\u201d the statement said. (Agencies)<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI, Aug 11: Finance Minister Nirmala Sitharaman on Monday introduced the modified Income Tax bill in the Lok Sabha after including \u201calmost all of the…<\/p>\n","protected":false},"author":1,"featured_media":62506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-62505","post","has-post-thumbnail","category-national"],"_links":{"self":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/62505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/comments?post=62505"}],"version-history":[{"count":1,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/62505\/revisions"}],"predecessor-version":[{"id":62507,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/posts\/62505\/revisions\/62507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media\/62506"}],"wp:attachment":[{"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/media?parent=62505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/categories?post=62505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/earlypostdaily.com\/index.php\/wp-json\/wp\/v2\/tags?post=62505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}