Select Committee Proposes Key Amendments to Income-Tax Bill 2025 Including Definitions and Penalty Rules

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....A parliamentary Select Committee reviewed the Income-Tax Bill, 2025, recommending multiple amendments to align definitions, clarify provisions, and ensure consistency with prior laws. Key suggestions included refining definitions of "capital asset," "infrastructure capital company," and "parent company"; clarifying deductions related to house property, scientific research, and employer pension contributions; and addressing ambiguities in carry forward of losses, tax rebates, and non-profit organization provisions. The Committee emphasized reinstating certain safeguards in anti-avoidance rules, expanding electronic payment acceptance to professionals, and specifying jurisdictional limits for evidence powers. It also proposed amendments to pe.........