<h1>Income Tax Bill 2025 Introduced; Aims to Simplify Tax Terms, Referred to Select Committee for Review</h1> The Union Finance Minister introduced the Income Tax Bill, 2025, in the Lok Sabha, requesting the Speaker to refer it to a select committee. Despite opposition, the House approved its introduction by voice vote. The Bill aims to simplify tax terminology, replacing terms like 'assessment year' with 'tax year' and removing complex provisos. The select committee is expected to report by the next session's start. The Speaker will decide on the committee's composition and rules.