Government took back the income tax bill from Lok Sabha, new bill will be presented on August 11
Finance Minister Nirmala Sitharaman has withdrawn the Income Tax Bill, 2025 in the Lok Sabha on Friday. The government will introduce the revised version of this bill in the House on August 11, including the suggestions of the selection committee. According to PTI news, government sources said that a clear and updated bill will be introduced to avoid confusion due to several versions and to contain all reforms.
What are the major things in the new income tax bill
- This new bill is about to change the old Income Tax Act of 1961.
- The 31 -member selection committee has made several important suggestions on the bill.
- The committee has recommended continuing tax exemption on the anonymous donations received by religious-less religious trusts.
- Also, it has been suggested to allow taxpayers to claim the TDS refund claim without any fine even after the last date of ITR filing.
Relief for non-profit organizations
The government has given exemption from taxes on anonymous donations to non-profit institutions in the new bill that only religious trusts are received. However, if a religious trust also operates hospitals, schools or other charitable activities, tax will apply to such grains.
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