Inputs on Income tax act by Preeti Sharma, Partner, Tax and Regulatory Services, BDO India
Below The Inputs on Income tax act by Preeti Sharma, Partner, Tax and Regulatory Services, BDO India
"In 2024, in her Budget speech, the Finance Minister announced comprehensive review of current Income-Tax Act. In a record time, the New Income-tax Bill, 2025 was presented in the Parliament in Feb 2025 and a motion for reference of the Bill to a Select Committee of the House was moved with a clear instruction to The Select Committee to present its report by Monsoon Session.
The Select Committee conducted comprehensive review of Income-tax Bill. After considering the inputs provided by various stakeholders such as domain experts, tax practitioners, industry representatives, tax officers and Non-profit organisations, the Committee presented its comprehensive report in Parliament. The report provides clause by clause evaluation of the Bill with total 566 observations / recommendations for change. This is a mammoth task performed in a record time with precise and relevant recommendations. Now the Lok Sabha has to debate the recommendations and identify the changes that are required in the current Bill to make it futuristic and relevant for common tax-payers. It is highly desirable to defunct the old law and bring a new law which is transparent, easy to comprehend, in line with current business requirements and help to reduce tax disputes."
Above views are of the author and not of the website kindly read disclaimer
