New Delhi, July 17 -- A Select Committee of Parliament has unanimously approved the report on The Income Tax Bill, 2025-paving the way for it to be taken up in the upcoming monsoon session of Parliament. The panel has retained the entire structure and provisions of the bill but suggested 285 amendments for better clarity in the bill's text. The new Income Tax Bill aims to replace the 1961 I-T laws in order to make the legal framework simpler. The bill retains most of the provisions of the current law while it allows the Central government to frame new schemes for greater efficiency, transparency, and accountability. One of the major features of the Bill, according to experts, is to widen the ambit of undisclosed income to include virtual digital assets such as cryptocurrency. According to PRS Legislative Research, "The Act also empowers to inspect electronic documents. The Bill retains these provisions and also allows authorities to gain access to a virtual digital space during search and seizure proceedings." The Select Committee produced a report that had seven volumes and ran into 3,790 pages....