Centre withdraws Income Tax Bill 2025, revised version to be tabled on August 11

The Income-Tax Bill 2025, which was first introduced in Lok Sabha on February 13 has been formally withdrawn by the Centre. However, a revised version, incorporating most of the recommendations of the Select Committee chaired by Baijayant Panda, will reportedly be introduced on August 11.

To avoid confusion by multiple versions of the Bill and also to provide a clear and updated version with all



changes incorporated, the revised Income Tax Bill will be tabled for the consideration of the House on Monday.

Earlier, the committee had submitted its report to Parliament on July 21 and it included 4,500 pages and 285 suggestions to improve the draft New Income Tax Bill, 2025, which is meant to replace the old 1961 Act. Among the many proposals, a few stand out that could directly benefit ordinary taxpayers.