India, Aug. 8 -- The government on Friday formally withdrew the Income-Tax Bill, 2025, which had been introduced in the Lok Sabha on February 13 this year to replace the six-decade-old Income-Tax Act, 1961.

A fresh version of the Bill, updated to incorporate most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Panda, will be introduced in the House on Monday, August 11.

Officials said the withdrawal was aimed at avoiding confusion caused by multiple versions of the legislation and ensuring that lawmakers have a single, consolidated draft reflecting all proposed changes.

The new Income-Tax Bill is expected to modernise India's direct tax framework, simplify compliance, and address several long-standing is...