What is going to change in New Income Tax Bill 2025, Selection Committee gave these 10 suggestions

New Income Tax Bill 2025: The New Income Tax Bill 2025 will be introduced in Parliament on Monday, August 11, on behalf of the central government. On Friday, Finance Minister Nirmala Sitharaman proposed to withdraw the new Income Tax Bill, 2025 amidst the uproar by opposition members. The House approved it to withdraw it. The Parliamentary Committee headed by BJP MP Baijayant Panda suggested several changes in this bill. Let us give you information about these 10 suggestions suggested by the committee:-

1. The parliamentary panel report on the new income tax bill was introduced in the Lok Sabha on 21 July. The 31 -member selection committee suggested further tightening of the definance, removing ambiguities and alliance with the existing framework.
2. After a long discussion, the committee suggested to make tax regime easier and clear the rules related to income tax.
3. The committee also suggested several corrections based on the suggestions of the stakeholders, which will help in bringing more clarity in the new bill and making it understandable.
4. Overall, the parliamentary panel has given a total of 566 suggestions/recommendations in its 4,584 page report.
5. The Selection Committee has suggested the removal of a rule related to the income tax refund, which mentions not to give refunds for late ITR.
6. The committee has also suggested to make changes in section 80M (Claus 148 of the new bill), which is related to deduction on inter-corporate dividend for companies availing special tax rates under Section 115BAA.
7. In its report on the New Income Tax Bill, the committee has also talked about giving permission to the taxpayers to get zero TDS certificate.
8. The committee has not recommended any change regarding tax rate in the report. Whereas in media reports, LTCG tax rate is being mentioned for some taxpayers, which has been rejected by income tax deposit.
9. The committee suggests that the defense of micro and small enterprises should be done according to the MSME Act.
10. The report suggested some changes to bring advanced ruling fees, TDS on Providend Fund, Low-tax Certificate and Clarity on Penalty Powers.

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