https://www.taxtmi.com/news?id=50172 The Select Committee endorses the Income Tax Bill, 2025's textual simplification and preservation of substantive tax policy while recommending targeted drafting corrections, removal of legacy cross references into the savings clause, and limited modernisation (digital records, virtual hearings, crypto assets). It accepts most clauses as carrying forward intent from the 1961 Act but proposes clause specific edits to remove ambiguities, correct typographical and cross reference errors, harmonise terminology (including adoption of a single "tax year"), and ensure self containment via Clause 536. en-us Tue, 22 Jul 2025 17:25:33 +0530 Thu, 24 Jul 2025 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=50172 The Select Committee endorses the Income Tax Bill, 2025's textual simplification and preservation of substantive tax policy while recommending targeted drafting corrections, removal of legacy cross references into the savings clause, and limited modernisation (digital records, virtual hearings, crypto assets). It accepts most clauses as carrying forward intent from the 1961 Act but proposes clause specific edits to remove ambiguities, correct typographical and cross reference errors, harmonise terminology (including adoption of a single "tax year"), and ensure self containment via Clause 536. News - Tue, 22 Jul 2025 17:25:33 +0530 https://www.taxtmi.com/news?id=50172