New Delhi, July 21 -- The report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha on Monday. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks.

The panel examined the Income-tax Bill 2025, which seeks to simplify language and structure of the Income Tax Act 1961 and submitted its report

The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination.

The Committee in its 4,584 page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of t...