<h1>Parliamentary committee submits report on Income Tax Bill 2025 with 285 suggestions for simplified legislation</h1> A parliamentary committee's report on the new Income Tax Bill 2025 is scheduled to be tabled in the Lok Sabha on Monday. The 31-member Select Committee made 285 suggestions after scrutinizing the bill, which was introduced by the Finance Minister in February and aims to replace the six-decade-old Income Tax Act. The simplified bill is half the size of the 1961 Act, reducing word count from 5.12 lakh to 2.6 lakh words and sections from 819 to 536. Key changes include replacing 'previous year' with 'tax year,' eliminating the assessment year concept, and organizing provisions in tabular format. The bill removes 1,200 provisos and 900 explanations while adding 57 tables compared to 18 in the existing Act. The legislation seeks to minimize litigation scope and provide tax certainty through clearer language and comprehensive provisions for not-for-profit organizations.