New Delhi, Aug. 11 -- Finance Minister Nirmala Sitharaman on Monday introduced a new Income Tax Bill in Lok Sabha to consolidate and amend the law relating to income tax, three days after the previous Bill was withdrawn.

The legislation is named The Income-Tax (No.2) Bill, 2025.

The BJP MP Baijayant Panda-headed 31-member Select Committee had suggested a few changes to the legislation. The House had approved the withdrawal of the Bill amid uproar by Opposition members.

On July 21, the first day of the current Monsoon session of Parliament, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and a...