India, Aug. 11 -- Union finance minister Nirmala Sitharaman on Monday introduced the modified Income Tax Bill in the Lok Sabha after including "almost all of the recommendations of the Select Committee".

Sitharaman said the bill seeks to consolidate and amend the laws relating to income tax and will replace the 1961 act.

Earlier, parliamentary affairs minister Kiren Rijiju addressed apprehensions in a section of the media after the withdrawal of an earlier draft of the proposed law. He made it clear that a new version of the bill incorporates all the changes suggested by the Select Committee and accepted by the government.

The Select Committee of the Lok Sabha, chaired by BJP member Baijayant Panda, made 285 suggestions to the Income T...