New Delhi, Feb 14 (PTI) The select committee of the Lok Sabha, which will examine the Income-Tax Bill, 2025, was constituted on Friday, with BJP MP Baijayant Jay Panda appointed as chairman of the panel.

The committee will have 31 MPs, including 17 from the ruling National Democratic Alliance. The NDA MPs include 14 from the BJP and one each from the TDP, JD(U), and the Shiv Sena.

The opposition parties have 13 MPs, including six from the Congress, two from the Samajwadi Party and one each from the DMK, the TMC, the Shiv Sena (UBT), the NCP (SP) and the RSP. One MP, Richard Vanlalhmangaiha, is from the Mizoram's ruling Zoram People's Movement.

Besides Panda, the BJP's members include Nishikant Dubey, P P Chaudhary, Bhartruhari Mahtab and Anil Baluni.

Opposition MPs include Deepender Singh Hooda of the Congress, Mahua Moitra of the TMC, Supriya Sule of the NCP (SP) and N K Premachandran of the RSP.

The panel is mandated to submit its report by the first day of the Monsoon session. The ongoing Budget Session will conclude on April 4 and the Monsoon session may commence in the third week of July.

While introducing the Bill in Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman urged Speaker Om Birla Birla to refer the draft law to a select committee of the House.

The much-anticipated Bill will replace terminologies such as "assessment year" and "previous year" with the easier-to-understand "tax year" as part of a move to simplify language while removing provisos and explanations. PTI NAB KR RHL

Tax law reform: Select committee to examine Income Tax Bill simplifying terminology and recommend amendments. A parliamentary select committee of 31 members has been constituted to examine the Income Tax Bill, 2025, with a mandate to scrutinise the draft law and submit a report by the first day of the Monsoon session. The Bill proposes statutory language reform by replacing terms such as assessment year and previous year with tax year and by removing provisos and explanatory clauses to simplify understanding; the select committee is the legislative mechanism to review and recommend amendments ahead of further parliamentary consideration.