<h1>Lok Sabha Committee Formed to Review Income-Tax Bill 2025; Ruling Party Member Leads 31-Member Panel for Report by Monsoon Session.</h1> A select committee of the Lok Sabha has been formed to examine the Income-Tax Bill, 2025, with a ruling party member appointed as chairman. The committee consists of 31 members, including 17 from the ruling alliance and 13 from opposition parties. The panel is tasked with submitting its report by the start of the Monsoon session. The Bill aims to simplify tax language by replacing terms like 'assessment year' with 'tax year.' The Finance Minister introduced the Bill, urging its referral to the committee for detailed examination.