The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on 13th February 2025 to replace the existing Income-Tax Act, 1961, has been formally
withdrawn. New Bill will be introduced on August 11, sources said. The Government had introduced the Income-tax Bill, 2025 in the Lok Sabha on 13th of February, 2025 and on the same date it was referred to the Select Committee for examination. The Select Committee has laid its report in the Lok Sabha on the 21st of July, 2025. Almost all of the recommendations of the Select Committee have been accepted by the Government. Suggestions have also been received that need to be incorporated to convey the correct legislative meaning. Therefore, a decision has been taken by the Government to withdraw the Income-tax Bill, 2025 as reported by the Select Committee. A fresh Bill would be introduced in the Lok Sabha in due course which would replace the Income-tax Act, 1961. (This is a breaking story)
