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The government withdrew the Income Tax Bill, 2025, in the Lok Sabha to introduce an updated version on August 11, incorporating most recommendations from the Select Committee. The Select Committee reviewed the Bill, which aims to replace the Income Tax Act of 1961, and suggested changes including maintaining tax exemptions on anonymous donations to purely religious trusts while taxing such donations to trusts with additional charitable activities. It also recommended allowing taxpayers to claim TDS refunds after the ITR filing deadline without penalties. The revised Bill seeks to clarify and consolidate these changes to avoid confusion from multiple versions.
The government withdrew the Income Tax Bill, 2025, in the Lok Sabha to introduce an updated version on August 11, incorporating most recommendations from the Select Committee. The Select Committee reviewed the Bill, which aims to replace the Income Tax Act of 1961, and suggested changes including maintaining tax exemptions on anonymous donations to purely religious trusts while taxing such donations to trusts with additional charitable activities. It also recommended allowing taxpayers to claim TDS refunds after the ITR filing deadline without penalties. The revised Bill seeks to clarify and consolidate these changes to avoid confusion from multiple versions.
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