New Revenue Tax Guidelines Coming Quickly: Lok Sabha Choose Committee Adopts I-T Invoice 2025; To Be Tabled In Monsoon Session Of Parliament

The Revenue Tax Invoice 2025, geared toward simplifying tax legislation, has been unanimously adopted by the Lok Sabha’s Choose Committee, paving the way in which for its potential passage within the upcoming monsoon session of Parliament.

This parliamentary committee, chaired by BJP chief Baijayant Panda, has made a complete of 285 suggestions within the draft legislation.

In line with sources, the three,709-page draft laws is more likely to be tabled within the Lok Sabha subsequent week on Monday, July 21, 2025, the primary day of the Monsoon Session of Parliament. This transfer paves the way in which for the passage of the Invoice, which was launched in Parliament earlier this 12 months through the Finances Session.

Sources point out that the Invoice contains 285 solutions. The Choose Committee’s report will probably be introduced within the Lok Sabha on July 21, 2025.

It’s anticipated that this Invoice will probably be handed through the Monsoon Session. After the committee submits its report, the federal government will think about these suggestions and current the Invoice within the Lok Sabha for consideration and passage.

The federal government goals to implement this new earnings tax legislation from April 1, 2026. The brand new Invoice seeks to simplify the language of earnings tax legislation, take away redundancies, and streamline procedures, making it extra comprehensible and simpler for taxpayers.

As soon as applied, this new Invoice will substitute the Revenue Tax Act, 1961, which has been efficient since April 1, 1962. The 1961 Act has undergone 65 amendments up to now, with over 4,000 modifications made to its varied sections.