New Delhi, Apr 17 (PTI) A Parliamentary panel examining the Income Tax Bill has invited suggestions from experts on the draft legislation that seeks to simplify income tax laws.

The Select Committee of Lok Sabha on the Income Tax Bill-2025, chaired by senior BJP leader Baijayant Panda, has decided to invite views/suggestions on the Bill from experts/industry associations/organisations/stakeholders.

The Lok Sabha secretariat said those desirous may send two copies of memoranda suggestions in English and Hindi to the Director (CF&S CITB), Lok Sabha Secretariat, Room No 133A, Parliament House Annexe, New Delhi-110001.

The committee has held deliberations with the industry bodies and tax consultants, including the Confederation of Indian Industry (CII), Federation of Indian Chamber of Commerce and Industry (FICCI), EY, and Institute of Chartered Accountants of India (ICAI).

Finance Minister Nirmala Sitharaman tabled the Income Tax Bill, 2025, in Lok Sabha on February 13, in line with the announcement in the budget. The Bill aims at simplifying the income tax law, repealing the Income Tax Act, 1961. The new act will come into force from April 1, 2026. PTI SKU SKU NSD NSD NSD

Income tax law simplification: Parliamentary panel seeks expert suggestions on draft bill and stakeholder memoranda. The Select Committee on the Income Tax Bill has invited suggestions from experts and stakeholders and held deliberations with industry bodies and tax professionals; memoranda in English and Hindi are to be submitted to the Lok Sabha Secretariat. The Bill, introduced to repeal and replace the existing Income Tax Act with a simplified statute, is scheduled to take effect on a prescribed implementation date.