<h1>Select Committee to Review Income Tax Bill; Report Due by Next Session's Start; Aims to Simplify Tax Terms</h1> A 31-member Select Committee of the Lok Sabha has been established to examine the Income Tax Bill, with the report due by the first day of the next session. The committee is chaired by a member of the BJP. The current Budget Session ends on April 4, and the Monsoon session is expected to begin in late July. The Finance Minister proposed the Bill, which aims to simplify tax terminology by replacing terms like 'assessment year' and 'previous year' with 'tax year,' and removing complex provisos and explanations.