New Delhi, Feb. 14 -- Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.

Bharatiya Janta Party National Vice President and Lok Sabha MP Baijayant Panda is appointed as the chairperson of the Select Committee.

This new bill, tabled in Lok Sabha by Finance Minister Nirmala Sitharaman on Thursday, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations.

After presenting the income tax bill the Finance Minister asked Lok Sabha Speaker...